The Hindu : ACC posts lower profit

Online edition of India's National Newspaper
Saturday, May 03, 2003

Business

Business

ACC posts lower profit

By Our Staff Correspondent

MUMBAI MAY 2. The Associated Cement Companies Ltd. (ACC) has announced a net profit of Rs. 103.89 crores for the year ended March 2003 against Rs. 130.43 crores in the previous year. The company has declared a dividend of 25 per cent (30 per cent).

Sales (net) were at Rs. 3,378.79 crores (Rs. 3,257.19 crores) and non-recurring other income was at Rs. 59.72 crores (Rs. 36.88 crores) while others income was at Rs. 51.38 crores (Rs. 39.72 crores).

On a consolidated basis, the company's net profit for the year was at Rs 121.34 crore (Rs 127.25 crore) on net sales of Rs 3534.74 crore (Rs 3268.7 crore).

Sales of cement for the year was up 15 per cent to 13.95 million tonnes (12.18 million tonnes).

Clinker production of 10.71 million tonnes for the year was up 22 per cent (8.75 million tonnes). Cement production was up at 13.42 million tonnes (11.47 million tonnes). Refractory business turnover was at Rs 178 crore (Rs 168 crore) and the Ready Mix concrete business turnover was at Rs 92 crore (Rs 88 crore).

The impact of drop in cement prices and increase in price of inputs such as coal, slag HSD and packaging materials were neutralised by higher sales volume and reduction in costs by way of improved operating efficiencies.

For April, cement production was at 12.37 lakh tonnes (12.07 lakh tonnes) and despatches were at 12.13 lakh tonnes (12.46 lakh tonnes).

As regards the outlook for the industry, according to the company, "despite facing one of the worst droughts in the last three decades in 2002, we expect the cement industry to maintain its growth during 2003-04.

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