Chennai, Oct 30: India Cements Ltd's (ICL) bottomline dipped by 30 per cent on account of lower prices and higher input costs even as its sales improved by 2.50 per cent. The company has posted a net profit of Rs 25.20 crore for the half year ended September 30, 2000 as against Rs 34.62 crore for the corresponding period of the previous year.Sales during the first six months was Rs 729.63 crore (Rs 712.45 crore). ICL sold 28.92 tonne during the period compared to 28.4o lakh tonne in the April-September '99 period. The negligible growth in tonnage was on account of lower volumes in Andhra Pradesh where a despatch control has been put in place by the manufacturers in a bid to maintain prices. ICL's production was 28.89 lakh tonne of cement (29.42 lakh tonne) in the same period. Windmill income was Rs 4.92 crore (Rs 5.75 crore).
Operating profit for the first half was Rs 154.36 crore (Rs 162.44 crore) and is lower as a result of higher fuel prices and wage costs. Interest cost has been lower at Rs 91.53 crore (Rs 94.12 crore) as the company swapped some of the high cost debts with cheaper papers.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.