Tata Steel today reported a net profit of Rs 8,982.69 crore for the year ended March 31, 2011. The company had posted a net loss of Rs 2,009.22 crore for the year ended March 31, 2010.Total income of the company increased 15.60% to Rs 1,19,734.10 crore for the year ended March 31, 2011 over Rs 1,03,578.97 crore for the same period previous fiscal. Board recommended a dividend of 120% of Rs 12 per share of Rs 10 each for the financial year ended March 31, 2011.
Tata Steel's European operations account for two-thirds of its global capacity of about 28 million tonnes, while the booming Indian operations contribute a quarter. It also has units in Thailand and Singapore.
Last week, the company said it will cut about 1,500 jobs in Britain as part of a restructuring of its loss-making long products unit, and cut capacity at a plant in northern England.
Ahead of the results, Tata Steel shares closed 0.9 percent down at Rs 561.20 in a Mumbai market that also fell 0.9 percent.
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