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India's largest steelmaker Tata Steel on August 29 sharply revised higher its first quarter earnings and sales to include the purchase of Anglo-Dutch steel firm Corus.
The company in a statement said that after completing a 13.7 billion dollar takeover of Corus on April 2, Tata Steel had knocked-up a net profit for the quarter ended June of 63.9 billion rupees (1.6 billion dollars).
This compared with the previously announced figure of 12.2 billion rupees.
On August 29, the company said the combined operations posted sales of 312 billion rupees in the same quarter. In July, the firm said sales for the quarter, not including Corus, it gained 9.2 percent to 43.4 billion rupees.
Tata Steel said that on a pro forma basis - calculated as if the company had owned Corus a earlier - first quarter net profit was up 530 percent while net revenues were up by 442 percent.
The merged Tata Steel-Corus company, with production of 25.6 million tonnes annually, is part of a wave of mergers and take-overs in the global steel industry to increase market presence and lower costs.
Tata Steel shares rose 40.15 rupees or 6.63 percent to 645.55 while the benchmark on the Mumbai stock exchange was down 71.71 points or 0.48 percent to 14,847.78 in noon trade.

Copyright Agence France-Presse, 2007

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