ACC reports net loss in H1

By Our Corporate Reporter

CHENNAI, OCT. 25. ACC has suffered a net loss of Rs. 5.03 crores in the first six months ended September 30, 2000 against a net profit Rs. 8.69 crores in the same period in 1999-2000. Net sales were higher at Rs.1,439.88 crores in the six months ended September 30, 2000 against Rs. 1,330.07 crores in the corresponding period in 1999-2000.

The gross profit, before depreciation and interest charges, has risen to Rs. 148.98 crores from Rs. 143.07 crores. Interest charges claimed Rs. 83.74 crores (Rs. 78.04 crores). The provision for depreciation is Rs. 70.27 crores (Rs. 55.20 crores). No provision has been made for taxation against Rs. 1.14 crores formerly. After providing exceptional items of Rs. 20 crores (write down of value of assets and investments), the loss has increased to Rs. 25.03 crores.

In the quarter ended September 30, 2000, net sales were higher at Rs. 674.51 crores against Rs. 628.97 crores. The gross profit, before depreciation and interest charges, was Rs. 82.34 crores against Rs. 87.74 crores and the profit after tax Rs. 4.47 crores against Rs. 1.67 crores. As against the overall growth in demand for the cement industry of around four per cent, the total volume of cement sales (including traded cement) of the company has shown an increase of 10 per cent during the half year ended September 30, 2000.

The modernisation and expansion of Chanda and Madukkarai cement plants for increasing their capacities to around one million tonnes each has been completed and the plants commenced commercial production on September 1 and October 1 respectively. The new Wadi project of two million tonnes is under implementation.

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