Indian steel giant Tata Steel’s Thai subsidiary Tata Steel Thailand has announced its financial results for the first quarter ended June 30 of the financial year 2017-18. In the first quarter, Tata Steel Thailand recorded net sales of THB 4.6 billion ($138.74 million), remaining almost stable compared to the first quarter of the financial year 2016-17, against a background of unsettled market sentiment and the demand slowdown caused by the monsoon season.
In the first quarter, Tata Steel Thailand achieved a net loss before tax of THB 33.61 million ($1.01 million) compared to the net profit before tax of THB 345.28 million in the same period of the previous year, primarily due to the lower sales volume.
In the given quarter, the company’s steel sales volume totaled 276,000 mt, decreasing by eight percent year on year.