Tata Steel reports rise in Q3 sales and volumes ahead of Corus auction |
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Tue, 30 Jan 2007 13:52
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LONDON (AFX) - Tata Steel, the Indian steelmaker which will this evening go head-to-head with Brazilian producer Companhia Siderurgica Nacional (CSN) in an auction for Corus Group PLC, today announced its third-quarter figures showing a rise in sales and volumes.Turnover for the third quarter was 50.38 bln rupees, an increase of 20 pct on the same period last year, while saleable steel production and steel sales volumes increased by 12 pct and 11.5 pct respectively.Net profit for the period was 10.64 bln rupees, an increase of 41 pct on the comparable period last year.For the nine month period to December, turnover was 141.53 bln rupees, an increase of 13 pct year-on-year, while the group recorded a net profit of 31.19 bln rupees, an increase of 15 pct. The EBITDA profit margin was 42 pct, while the net profit margin during the period was 24 pct.Sales volumes increased by 12 pct to 3.53 mln tonnes during the nine month period. Within this, supplies of cold-rolled and galvanized products to the automotive sector increased by 21 pct. The company also recorded a 14 pct increase in sales of branded products.Later today, Tata Steel and CSN will participate in an auction for Corus after the UK Takeover Panel intervened in the 4.9 bln stg bid battle.The auction procedure, which will commence at 4.30 pm GMT, will consist of a maximum of nine rounds, comprising up to eight rounds in which each offeror is able to lodge a fixed price bid in cash followed by, if the auction procedure has not by then concluded, a final round.Tata upgraded its original offer of 455 pence per share to 500 pence per share on Dec 10, only to see CSN come back with 515 pence per share.newsdesk@afxnews.comml/vlbCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Tata Steel board may give go-ahead to raise Corus bid to 600 pence/shr - report 