India-headquartered steel giant Tata Steel Group has issued its group financial results including Tata Steel Europe for the fourth quarter and the twelve months ended March 31 of the financial year 2011-12, posting a bigger than expected decrease in its fourth quarter net profit.
Tata Steel Group's net profit was INR 4.33 billion ($85 million) in the last quarter, down 89 percent year on year. For the full financial year, the group registered a net profit of INR 53.9 billion ($1.06 billion), decreasing by 40 percent compared to the previous financial year.
The group's consolidated net sales in the fourth quarter saw an increase of 1.24 percent year on year to INR 338.6 billion ($6.22 billion), while the company's net sales for the full financial year increased to INR 1.32 trillion ($24.25 billion), up 12.8 percent year on year.
According to the company's statement, the group's steel deliveries in the full financial year fell marginally by 1.1 percent to 24.22 million mt, while steel deliveries in the last quarter decreased by 6.5 percent to 6.22 million mt, both year on year.