ACC Q1 net down 17.2%

MUMBAI, JULY 28: Cement major Associated Cement Companies Ltd (ACC) has registered a 17.2 per cent drop in net profit during the first quarter of the financial year 1999-2000 to touch Rs 7.02 crore as against Rs 8.48 crore same period last year. The overall income for the quarter has improved by 13 per cent to Rs 707.02 crore against Rs 623.87 crore.

Though there was a robust increase of 17 per cent in volume of sales including traded cement during the current quarter as compared to corresponding previous period, there was no improvement in cement prices which remained stagnant. The net price realisation, in fact, showed a decrease of 6 per cent, says a company statement.

The operating profit before interest and depreciation, however, improved marginally to Rs 75.33 crore as compared to Rs 72.18 crore in the corresponding period.After interest of Rs 40.11 crore (Rs 37.98 crore), the gross profit amounted to Rs 35.22 crore against Rs 34.20 crore.

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It has provided Rs 27.28 crore (Rs 24.72 crore) fordepreciation and Rs 0.92 crore (Rs one crore) for taxation for the period.

Total production of ACC was higher at 2.58 million tonnes, as compared to 2.12 million tonnes last year. Sale of cement increased from 2.14 million tonnes to 2.5 million tonnes while sale of traded cement stood at 0.2 million tonnes as compared to 0.18 million tonnes last year.