India Cements reports third quarter loss

The India Cements Ltd, based in Chennai, reported a net loss of Rs.11.68 crore for the quarter ended 31 December 2014, compared to a profit of Rs.42 lakh recorded in the same quarter a year earlier. Total income from operations increased to Rs.1040.22 crore during the quarter, from Rs.1037.64 crore in the same period a year earlier.

For the nine-month period ended 31 December 2014, the company’s net loss stood at Rs.7.15 crore, against Rs.5.29 crore during the same period a year earlier. During April –December 2014, total income increased to Rs.3410.75 crore, compared with Rs.3372.14 crore in the same period last year.

According to Vice-Chairman and Managing Director of India Cements, N. Srinivasan, the company’s capacity utilisation decreased to 56% during the quarter ended 31 December, from 64% during the October – December 2013 quarter. Sales volumes, including clinker, were 8% lower, standing at 21.07 lakh t compared to 22.94 lakh t recorded a year ago. Net realisation was 3707 t during the period under review, against 3459 t recorded in the same period last year. The increased net plant realisation helped the company offset the cost increase and fall in sales volume, N. Srinivasan noted.

Edited from various sources by Rosalie Starling

Sources

• The Hindu
• Live Mint
• Money Control

Read the article online at: https://www.worldcement.com/asia-pacific-rim/12022015/india-cements-reports-third-quarter-loss-322/