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Uttam Galva Steels on Tuesday reported widening of net loss to ₹ 530.72 crore for December quarter 2018 due to increased finance costs and decline in income.
The company had posted a net loss of ₹ 179.96 crore during October-December 2017, Uttam Galva Steels said in a BSE filing.
Total income plunged to ₹ 100.05 crore in the said period from ₹ 680.48 crore in the year-ago quarter, according to the filing.
The company’s finance costs zoomed to ₹ 291.93 crore in the period under review from ₹ 121.31 crore in December quarter 2017.
According to the company’s website, Uttam Galva Steels is one of the largest manufacturers of cold rolled steel and galvanized steel in western India.
The company is into the business of procuring hot rolled steel and processing it into cold rolled and further into galvanized steel and colour coated coils.
Shares of Uttam Galva Steels ended 4.92 per cent down at Rs 11.20 on BSE.
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