Ik lees presteert onder de verwachting Cours.
Tata Steel's Q2 profit up less than expected
October 30, 2006
By Sumeet Chatterjee
MUMBAI (Reuters) - India's top private steel maker, Tata Steel Ltd., said on Monday its quarterly net profit rose 5.4 percent on higher volumes, lagging analysts forecasts.
The company hopes to gain from higher sales in the rest of the fiscal year to March 2007, Managing Director B. Muthuraman told reporters.
"We will produce and sell 500,000 tonnes more than last year. Prices are likely to hold for the rest of the year," he said.
In 2005/06, the company produced 4.55 million tonnes and sold 4.42 million tonnes.
Tata Steel, which has won approval from Anglo-Dutch firm Corus Group for its $8.04 billion takeover bid, said July-September standalone net profit rose to 11.01 billion rupees ($245 million) from 10.45 billion rupees a year earlier.
A Reuters poll of 12 analysts showed that the firm was expected to post a 7.3 percent rise in net profit to 11.2 billion rupees for its fiscal second quarter.
Before the results were released, shares in Tata Steel had closed down 0.42 percent at 498.35 rupees in a Mumbai market that rose to a record high on Monday.
Consolidated earnings, which include income from subsidiaries, rose to 11.4 billion rupees in the quarter from 11.1 billion a year ago.
State-run rival Steel Authority of India Ltd. on Monday posted a 28 percent rise in July-September net profit, slightly below analyst forecasts, to 14.43 billion rupees.
Tata Steel plans to raise output by nearly seven times to 35 million tonnes in the next 10-15 years.
If the company's bid for Corus is successful, it would be India's largest foreign takeover, extending a wave of consolidation in the fragmented steel sector.
But some Corus investors have expressed unhappiness with the Indian company's plans, saying the offer of 455 pence a share was too low.
Shares of Corus were trading at 467 pence at 1442 GMT, higher than Tata Steel's offer. Muthuraman declined comment on the share price or the investors' expectations.
Ze hebben Corus nog niet de steeds maar hoog blijvende koers geeft steeds meer het idee dat er meer kopers op het vinkentouw zitten.
mvrgr jo jo