Indian steel giant Tata Steel’s Thai subsidiary Tata Steel Thailand has announced its financial results for the second quarter ended September 30 of the financial year 2016-17.
Accordingly, in the second quarter, Tata Steel Thailand recorded net sales of THB 4.62 billion ($131.36 million), up 10 percent compared to the second quarter of the financial year 2015-16, mainly due to the improvement in the rebar market, though long product prices globally continued to fall through most of September due to sluggish demand and ongoing import competition.
In the second quarter, Tata Steel Thailand achieved a net profit before tax of THB 225 million ($6.39 million), increasing by 276 percent year on year due to the better sales volume and effective control on costs despite the decline in selling prices.