Shree Cement has reported a net profit of Rs 65.79 crore for the quarter ended 31 March 2011 on a Rs 95 crore tax refund. The company recorded a net loss of Rs 71.37 crore for the corresponding period of last year.
The company’s total sales climbed to Rs 1 074.44 for the quarter, compared to Rs 945 in the same quarter last year.
However, Shree Cement’s net profit for the FY2011 plunged 69% to Rs 209.70 crore from Rs 676.10 crore in 2010. This dramatic loss has been attributed to lower realisation and higher expenditure on power and fuel.
According to reports, Shree Cement Managing Director H. M. Bangur said: “Our realisation has come down by almost Rs 200/t during FY 2011 over the previous fiscal. This has impacted the company around Rs 200 crore. Apart from that, though volumes were flat, our expenditure on power and fuel has gone up by Rs 300 crore.”
Read the article online at: https://www.worldcement.com/asia-pacific-rim/27052011/shree_announces_q4_net_profit/