ACC turns around

Associated Cement Companies (ACC) has turned around and posted a net profit of Rs. 17.03 crores in the second quarter ended September 30, 2001, compared to a net loss of Rs. 15.53 crores in same period last year.

Net sales in Q2 were higher at Rs. 713.98 crores as against Rs. 656.92 crores in corresponding quarter of previous fiscal. The company has sold 26.29 lakh tonnes in the reporting quarter (25.29 lakh tonnes in Q2 of last year), including the traded cement.

For the first half ended September 2001, the net profit was Rs. 60.98 crores (against Rs. 25.03 crores net loss) while net sales stood at Rs. 1,545.13 (Rs. 1,403.08 crores).

Other income for Q2 and H1 include Rs. 25.50 crores representing write back of provisions made in previous years, no longer required, for mineral rights tax on limestone and coal in view of a supreme court order in the matter, it said.

Sale of cement in Q2 and H1 excluded 3.02 lakh tonnes and 3.58 lakh tonnes with sale value of Rs. 62.13 crores and Rs. 73.49 crores respectively being trial production of new Wadi plant.

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