JP Associates reports a loss for the first time in ten years

JP Associates has released its results for the quarter, nine months and year ended 31 December 2013.

Results for the quarter ended 31 December 2013

• Total income from operations stood at Rs.3163.53 crore, a decrease from Rs.3430.87 crore in the quarter ended 31 December 2012.
• The company posted a standalone net loss of Rs.88.71 crore for the quarter ended 31 December 2013, down from a net profit of Rs.110.93 crore in the same quarter of the previous financial year.
• Total expenses fell from Rs.2817.14 crore in the same period a year earlier to Rs.2615.7 crore in the quarter ended 31 December 2013.

Results for the nine months ended 31 December 2013

• Net income from operations totalled Rs.9654.44 crore in the nine months ended 31 December 2013, an increase from Rs.9451 crore in the same period a year earlier.
• Net profit fell to Rs.313.47 crore from Rs.377.78 crore in the nine months ended 31 December 2012.
• Total expenses increased to Rs.7922.1 crore from Rs.7555 crore in the same period a year earlier.

Results for the year ended 31 December 2013

• Total income from operations stood at Rs.13 358.37 crore.
• Net profit totalled Rs.501.28 crore.
• Total expenses reached Rs.10 759.28 crore.

The Executive Chairman at JP Associates, Manoj Gaur, reported that the net loss experienced in the quarter ended 31 December 2013 could be attributed to high costs and tough macroeconomic conditions, which led to a decrease in cement demand. Furthermore, the company’s capacity utilisation fell from 85% to around 75%. Despite disappointing results, the company maintains a positive outlook for the next quarter.

Adapted from press release by Rosalie Starling

Read the article online at: https://www.worldcement.com/asia-pacific-rim/11022014/jp_associates_reports_a_-loss_for_the_first_time_in_ten_years_721/