The Tata Steel Group has announced its H1 and Q2 2013 consolidated results, claiming that a ‘positive momentum’ in earnings has continued – boosted by a steady ramp-up of Indian operations and improved performances in Europe and South East Asia.
Net profits for Q2 2013-14 stand at Rs91.7 billion compared with a Rs3.64 billion loss for the same period the previous year. Net profits for H1 2013-14 were Rs205.6 billion compared to Rs23.4 billion in the first half of 2012.
The company’s group steel deliveries for H1 2013-14 increased to 12.56Mt, up from 11.74Mt for the same period last year. The Q2 2013-14 deliveries figure was 6.48Mt compared to 6.08Mt in Q1 and 6.07Mt for Q2 2012-13.
In India, heavy monsoons and weaker economic conditions dampened the company’s steady ramp-up of capacity, although flat products, merchant mill and new bar mill achieved their best ever half yearly production.
Deliveries from India increased by 22% to 4.04Mt for H1 2013-14 compared with 3.32Mt for H1 2012-13. Q2 deliveries for 2013-14 were 2.04Mt, up from 1.73Mt from Q2 2012-13.
In Europe, Q2 2013-14 production increased to 3.86Mt from 3.74Mt in the previous quarter, which equates to a 16% increase over Q2 2012-13.
European deliveries for H1 2013-14 totalled 6.6Mt compared 6.63Mt the previous year. Q2 2013-14 figures increased by 10% from 3.14Mt to 3.46Mt and by 1% compared to Q2 2012-13.
Despite a two-month furnace shutdown for an upgrade at NatSteel in Singapore, volumes at the S E Asian operations improved significantly'.
Deliveries from South East Asia for H1 2013-14 increased 22% from 1.49Mt (in H1 2012-13) to 1.82Mt. Q2 2013-14 deliveries were 96kt, up from 86kt in Q2 2012-13.
Overall company turnover was Rs694.5bn.