Tata Steel Ltd has announced the following Un-Audited Consolidated Financial Results for the quarter ended September 30, 2008.The Group has posted a Net profit of Rs 47036.40 million for the quarter ended September 30, 2008 as compared to Rs 14895.60 million for the quarter ended September 30, 2007. Total Income has increased from Rs 325205.90 million for the quarter ended September 30, 2007 to Rs 442833.40 million for the quarter ended June 30, 2008.
The actuarial gains and losses on funds of employee benefits (pension plans) of Tata Steel UK for the period from April 01, 2008 have been accounted in Reserves and Surplus in the consolidated financial statements in accordance with IFRS principles and permitted by AS21. This treatment is consistent with the accounting principles followed by Tata Steel UK and earlier by Corus Group plc. under IFRS. Had the company followed the previous practice of recognizing changes in actuarial valuations of pension plans.
Of Tata Steel UK, in the profit and loss account, the profit from ordinary activities after exceptional items and before tax for the current quarter would have been higher by Rs 9600 million and for half year would have been lower by Rs 43,920 million.The financial results for the quarter / six months ended September 30, 2008 and the pro- forma results for the previous periods have been prepared taking the above into account.
The actuarial gains and losses on funds of employee benefits (pension plans) of Tata Steel UK for the period from April 01, 2008 have been accounted in Reserves and Surplus in the consolidated financial statements in accordance with IFRS principles and permitted by AS21. This treatment is consistent with the accounting principles followed by Tata Steel UK and earlier by Corus Group plc. under IFRS. Had the company followed the previous practice of recognizing changes in actuarial valuations of pension plans.
Of Tata Steel UK, in the profit and loss account, the profit from ordinary activities after exceptional items and before tax for the current quarter would have been higher by Rs 9600 million and for half year would have been lower by Rs 43,920 million.The financial results for the quarter / six months ended September 30, 2008 and the pro- forma results for the previous periods have been prepared taking the above into account.
1 comment:
even with the this , the industry still in bad situation, need more time to have and idea about the real situation.
:)
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