Corus adds to Tata Steel profit

Tata Steel registered a consolidated net turnover of Rs 31,155 crores for the quarter ended June 30, 2007, as compared to Rs. 5,748 crores during the corresponding period of the previous year. The results include the provisional un-audited financial results of the former British steel giant Corus which Tata Steel had acquired. The Tata Steel board, which reviewed the results, also announced that it was going in for a rights issue.
The Company’s consolidated profit after tax increased to Rs 6,388 crores as compared to Rs 1,014 crores during the corresponding period of the previous year. The consolidated operating profit increased to Rs 4,904 crores as compared to Rs 1,712 crores during the corresponding period of the previous year while the profit before tax and exceptional items increased to Rs 3,157 crores as compared to Rs 1,498 crores during the corresponding period of the previous year. The financial results, the company said also includes an extraordinary item of Rs 4,121 crores primarily representing actuarial gains due to increase in the yie- ld rates on bonds held by various pension funds of Corus.