28 January,2009 03:21 PM IST | | PTI
Sajjan Jindal-led JSW Steel on Wednesday reported a net loss of Rs 127.50 crore for the third quarter ended December 2008, while it had a net profit of Rs 355.37 crore in the corresponding period last fiscal.
The total income of the steel major rose marginally to Rs 2,826.74 crore for the quarter under review, from Rs 2,822.74 crore in the same period last fiscal, JSW Steel said in a filing to the Bombay Stock Exchange.
During the nine-month period, JSW Steel posted a profit after tax of Rs 409.30 crore, a 70 per cent dip over the year-ago period. The firm had a PAT of Rs 1,358.01 crore in the third quarter of last fiscal.
The total income rose 35.40 per cent to Rs 10,829.62 crore during the nine-month period, from Rs 7,998.41 crore in the year-ago period. Besides, the board would also consider buying back of Foreign Currency Convertible Bonds (FCCBs) from the international bank.
The board has resolved to explore opportunities to buy back a portion of the company's outstanding FCCBs, the company said.
Last month, the Reserve Bank of India had allowed firms to buy back FCCBs prematurely in rupees if they are at a minimum discount of 25 per cent on the book value.
According to RBI guidelines, the buyback amount is limited to $50 million of the redemption value per company and the resources for the buyback must be drawn out of the firm's internal accruals.
