Tata Steel Thailand PCL, the Thai unit of India's Tata Steel Group, said on Thursday it expected to return to net profit for the fiscal year ending March 2016, lifted by rising steel prices and higher demand.

The company, which made a net loss of 609.7 million baht ($18.23 million) for the fiscal year ended March 2015, is aiming for sales growth of 12 percent to 1.25 million tonnes in the current fiscal year, President and Chief Executive Officer Rajiv Mangal told reporters.

Domestic demand for steel is expected to rise 4-5 percent to about 18 million tonnes this year, he said.

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