Orissa Sponge Iron and Steel Ltd informed the Bombay Stock Exchange (BSE) recently that there were no sales during the first half quarters (April –September) of the current financial year.
However, the company reported losses of Rs 10.76 crore in the second quarter ending September 30, 2015 and Rs 14.45 crore in first quarter ending June 30, 2015. Even though there were no sales, the company had to pay for taxes, interests, depreciation costs and other expenditures.
Last time the company reported sales was in the fourth quarter of financial year 2014-15 ending March 31, 2015. According to the annual financial results of 2014-15, the company reported sales of Rs 1.75 crore and a loss of Rs 80.13 crore.
In August 2015, it was reported that Monnet Ispat and Energy Ltd had agreed in principle to sell its stake in Orissa Sponge to Bhushan Steel Ltd. However, nothing has been finalized in this regard.