India Cements Posts Rs 81 Lakh Net Loss

Chennai, June 29: | Updated: Jun 30 2002, 05:30am hrs
The Chennai-based India Cements Limited (ICM) has reported a net loss of Rs 0.81 crore for the financial year ended March 2002, as against a net profit of Rs 48.15 crore during the corresponding period last year. Net sales was lower by 17 per cent at Rs 1188.56 crore (Rs 1441.87 crore).

Lower sales volumes due to tardy growth for cement, supply overhang due to new capacities and lower selling prices due to supply side pressure have had an adverse effect on the working results, said a press release. The cement production declined to 48.48 lakh tonne (52.85 lakh tonne), while sales was lower at 48.62 lakh tonne (53.16 lakh tonne). Cement sales in terms of value declined to Rs 1182.02 crore (Rs 1435.61 crore). The gross realisation declined by about Rs 265 per tonne during the fiscal.

The total capacity of the company currently stands at 7.7 million tonnes.

Meanwhile, total expenditure stood at Rs 1027.89 crore (Rs 1127.02 crore). Interest charges was at Rs 205.44 crore (Rs 190.20 crore). Depreciation stood at Rs 87.47 crore (Rs 83.00 crore). Paid-up share capital was at Rs 138.59 crore (Rs 138.48 crore). Reserves was lower at Rs 424.90 crore (Rs 602.51 crore) due a deferred tax liability being charged to the reserve.