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SAIL Q1'18 loss widens YOY despite higher sales volume

Steel Authority of India Ltd., or SAIL, posted a net loss of 8.01 billion Indian rupees in the first quarter of fiscal 2018, widening from a net loss of 5.35 billion rupees a year ago.

A 115% higher price on account of imported coal and a 25% higher price on account of indigenous coal affected overall profitability in the quarter, the company said Aug. 11.

EBITDA was down to 230 million rupees from 3.35 billion rupees, while net sales grew to 114.56 billion rupees from 90.82 billion rupees booked a year earlier.

Total sales volume stood at 3.0 million tonnes, which represents a 9% increase on a yearly basis.

Salable steel output declined to 3.2 million tonnes from 3.4 million tonnes last year. The company noted that coking coal supplies from Australia were adversely affected by Cyclone Debbie, leading to lower production volumes.

SAIL said it is rapidly ramping up its new mills toward the rated capacities, due to improving market sentiment.

As of Aug. 11, US$1 was equivalent to 64.14 Indian rupees.