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Steel and wire rope manufacturer Usha Martin Ltd reported a standalone loss of Rs 44 crore for the period ended December 31, 2014. The company had reported a net profit of Rs 99 lakh in the same period last year.
The total income from operations (standalone) during the period stood at over Rs 888 crore; a 7 per cent increase over the Rs 828 crore it reported in the year-ago period.
According to a company release, dumping by Chinese steel makers along with subdued steel demand impacted its bottomline.
On a consolidated basis it reported a loss of Rs 36 crore and a total income (from operations) of Rs 1,077 crore.
During the quarter, Usha Martin had made a provision of approximately Rs 8 crore for paying the coal cess imposed by the Centre.
The company has also dissolved its wholly-owned subsidiary EMM Caspian, during the quarter.
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