JK Lakshmi reports 80% decline in quarterly net profit

JK Lakshmi Cement has reported a decline of almost 80% in net profit for the July – September quarter. The company blames the fall in profit on lower demand in the regions where it operates, leading to lower prices. Profit for the quarter stood at Rs.103 million, down 79.76% from Rs.508.80 million in the same quarter last year. Net sales reached Rs.4488.70 million from Rs.4914.10 million in the quarter ending September 2012. Total income also fell, at Rs.448.87 crore from Rs.491.41 crore, while expenses rose to Rs.426.57 crore from Rs.411 crore.

This report follows news from Ultratech earlier today showing net sales had fallen slightly, while profit after tax was half that achieved in July – September 2012. Again, the decline was attributed to slackening demand and lower prices. Last week, HeidelbergCement India and Gujarat Sidhee Cement also reported declining sales in the quarter.

Edited from various sources by Katherine Guenioui