Indian steel giant Tata Steel’s Thai subsidiary Tata Steel Thailand has announced its financial results for the third quarter ended December 31 of the financial year 2017-18.
Accordingly, in the third quarter, Tata Steel Thailand recorded net sales of THB 5.74 billion ($182.32 million), remaining stable quarter on quarter and up 24 percent compared to the third quarter of the financial year 2016-17, reflecting the market's acceptance of the increasing trend of raw material prices. In the given quarter, Tata Steel Thailand achieved a net profit before tax of THB 287 million ($9.11 million), rising by 23 percent quarter on quarter and 12 percent year on year.
The company’s sales volume in the given period stood at 302,000 mt, lower than the previous quarter and almost at par with the corresponding quarter of the previous year.
According to the company’s statement, the flood situation in central and northeast parts of Thailand coupled with many holidays in October and December affected the deliveries in the third quarter. Construction sector growth remains sluggish and impacted demand of rebar, which was partly made up by healthy sales of wire rods.