MUMBAI, July 29: The net profit of Associated Cement Companies has dropped to Rs 8.48 crore during the quarter ended June 1998 from Rs 17.48 crore same period in the corresponding period of last year mainly due to higher depreciation and interest charges on account of commissioning of the new facilities.The overall income for the first quarter has improved to Rs 623.87 crore against Rs 603.22 crore for the corresponding period of the previous year. After absorbing higher interest of Rs 37.98 crore (Rs 29.73 crore), the company has earned a lower gross profit of Rs 34.20 crore against Rs 39.43 crore. The provision for taxation amounted to Rs 1 crore (Rs 2 crore) and for depreciation at Rs 24.72 crore against Rs 19.95 crore.The new 1.2 million tonne per annum clinkering unit at Kymore commenced commercial production from May 1998. The modernisation and grinding capacity augmentation project at Sindri of 0.6 million tonnes commenced commercial production on April 1, 1998. The third refractory manufacturingplant at Nagpur was commissioned from June 1, 1998.Two new captive power plants of 25 MW each set up at Kymore and Jamul are at an advanced stage of completion and are expected to be commissioned in the second half of 1998. Similarly the new grinding unit at Tikaria in Uttar Pradesh with a capacity of 0.6 million tonne is expected to commence trial production in the second quarter of 1998-99.
