JSW Steel swings to loss on unfavorable exchange rate

Aug 01, 2013 | 02:19 PM | Jagdish Kumar

Tags  JSW Steel, earnings report, Seshagiri Rao

MUMBAI, India — India’s largest steel company, JSW Steel Ltd., recorded a net loss of $36.57 million for the three months ended June 30 in contrast to net income of $44.37 million in the same period last year.

The company attributed the fiscal first-quarter loss to unusual depreciation in the value of the Indian rupee against the U.S. dollar. "This loss is considered to be exceptional in nature, as there was a net translation loss of $140.6 million on restatement of foreign currency monetary items at the close....

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