Financial Daily from THE HINDU group of publications
Thursday, Apr 13, 2006
Financial Daily from THE HINDU group of publications Thursday, Apr 13, 2006 |
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Corporate Results - Cement Higher sales push ACC Q1 net up 42% Our Bureau
GAINS ALLROUND: Mr N.S. Sekhsaria (left), Chairman, ACC, with Mr M.L. Narula, Managing Director, at the company's AGM held in Mumbai on Wednesday. - Paul Noronha
Mumbai , April 12 Higher sales of cement, the amalgamation of two of its acquisitions with itself as well as one-time gains from divestment in a subsidiary have helped Associated Cement Companies Ltd report a 42.2 per cent increase in net profit for its first quarter ended March 31, 2006. Net profit for the quarter amounted to Rs 235.48 crore, up from Rs 165.52 crore in the same year-ago quarter. Net sales rose by 19.2 per cent, to Rs 1,327.52 crore (Rs 1,113.35 crore) and total income increased by 19 per cent to Rs 1,381.22 crore (Rs 1,155.02 crore). Bargarh Cement Ltd and Damodhar Cement & Slag, now amalgamated, contributed around Rs 125 crore and Rs 14 crore to the topline and bottomline, respectively. The results for the quarter are strictly not comparable with the year-ago one, said the company. Volume sales for the quarter, at 5.06 million tonnes, were higher by 11.5 per cent. The company made a one-time gain of Rs 7.70 crore from sales of shares in Everest Industries Ltd and Rs 1.4 crore from sale of land during the quarter. (ACC has sold land at Delhi for a consideration of Rs 140.20 crore which will be reflected in the results for the next year, said a statement from the company.) Total expenditure amounted to Rs 1,012 crore(Rs 947.68 crore). The company's scrip lost Rs 7.76 or 0.83 per cent during the day to close at Rs 911.25.
Related Stories: More Stories on : Financial Performance | Cement | Associated Cement Companies Ltd
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