ACC reports cement sales up, profit down in 2Q14

Indian cement company ACC has reported increased sales volumes for the April – June quarter at 6.35 million t, up from 6.12 million t in the same period last year. Over the first half of the year, sales volumes were also slightly up, at 12.83 million t from 12.54 million t in 1H13. The company attributes this to improved demand, which is expected to continue through the second half thanks to the new government’s emphasis on housing and infrastructure development.

ACC’s total consolidated turnover in 2Q14 was Rs.3008.99 crores, compared to Rs.2790.38 crores in 2Q13. The company reports that manufacturing and distribution costs continued to escalate over the second quarter, and EBITDA was down at Rs.452.12 crores from Rs.490.10 crores in 2Q13. Profit after tax likewise fell to Rs.243.15 crores from Rs.261.76 crores.

ACC’s CEO and Managing Director, Mr Kuldip Kaura, resigns his position effective 12 August and will be replaced by Mr Harish Badami. The Board of Directors has expressed its appreciation for Mr Kaura’s service and also records the contribution of Mr M L Narula, who has stepped down from the Board.

Adapted from press release by Katherine Guenioui

Read the article online at: https://www.worldcement.com/asia-pacific-rim/25072014/acc-reports-cement-sales-up-profits-down-in-2q14/