Indian cement producer, ACC, has reported an increase in cement volumes in 1Q18. The company sold 7.11 million t of cement between January and March 2018, compared to 6.60 million t over the same period in 2017. Pre-tax profits and earnings were also up, despite a rise in energy and slag prices.
“ACC’s financial performance in 1Q18 ended 31 March 2018 reflects strong volume growth momentum powered by our focused approach to innovation, operational improvements, and customised solutions for consumers,” said Neeraj Akhoury, Managing Director and CEO. “We are on a clear growth trajectory to deliver strong returns to our shareholders.”
ACC’s pre-tax profits were up 44% at INR3.76 billion. Operating EBITDA was up 18% at INR4.92 billion.
“Despite a challenging external environment, cost savings were achieved through sustained improvement in operational efficiencies, optimisation, and robust control of fixed costs,” the company said. Expenses totalled INR33.0 billion in the quarter, compared to 34.1 billion the in 1Q17.
The company also expressed a positive outlook for the rest of the year, noting that rising government spending on infrastructure was expected to “reinvigorate the construction sector and boost demand for cement and concrete during 2018.”
Read the article online at: https://www.worldcement.com/indian-subcontinent/02052018/despite-rising-costs-acc-reports-a-positive-1q18/
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