The Hindu Business Line : Corus boosts Tata Steel’s consolidated net

Mumbai, Jan. 26 Tata Steel Ltd has reported a consolidated Group net profit of Rs 3,342.36 crore for the quarter ended September 30, 2007, a rise of nearly 200 per cent over the corresponding period last year thanks to the incorporation of Corus’ second quarter number.

The Anglo-Dutch steel giant was acquired by Tata Steel in April.

For the quarter ended September 30, 2006, the group had posted a profit after minority interest and share of profits of associates of Rs 1,139.11 crore.

Actuarial gain

“Results for the six months ended September 30, 2007, include gain from exceptional items of Rs 6,354 crore, mainly comprising actuarial gain on funds for employee benefits of Rs 5,971 crore.

“The actuarial gain on funds for employee benefits represents increase in value of investments held by pension trust arising out of increase in yield rates on bonds,” the company said in a statement.

Total Income

Total income increased from Rs 6,192.95 crore for the quarter ended September 30, 2006, to Rs 32,535.15 crore for the quarter ended September 30, 2007.

For six months ended September 30, 2007, the Group has posted a profit after minority interest and share of profits of associates of Rs 9,702.73 crore compared with Rs 2,158.29 crore for the six months ended September 30, 2006.

Total income has increased from Rs 12,019.83 crore for the six-months ended September 30, 2006, to Rs 63,871.63 crore for the six months ended September 30, 2007.

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