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Mangalam Cement announces June quarter results

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World Cement,

Managlam Cement, India, has announced the appointment of a new CFO. Mr Yaswant Mishra took up the post following the resignation of Mr Anil Kumar Mandot.

Mangalam Cement reported a 7.3% decline in net sales in 1Q16 (the quarter ending 30 June) and an EBITDA loss of Rs.2.1 crore, attributed to lower revenue and higher expenses. Net profit fell 245.4% y/y to a Rs.18.8 crore loss.

Many Indian cement companies have reported poor June quarters, with sluggish demand and higher expenses to blame. Most are still positive on the outlook though, with demand expected to kick in towards the end of the year, although there has been some speculation that Indian cement companies will not see a boost until 2017.

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