Financial Daily from THE HINDU group of publications
Thursday, Jul 29, 2004
Financial Daily from THE HINDU group of publications Thursday, Jul 29, 2004 |
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Corporate Results
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Cement Madras Cements Q1 net higher at Rs 17 cr Our Bureau
Chennai , July 28 MADRAS Cements has registered a profit after tax of Rs 17.13 crore (Rs 10.23 crore) in the first quarter of 2004-05, up by 67.44 per cent over the corresponding period of the previous year. The increase in profit was largely on account of a drop in interest expense, which more than offset a fall in sales. Net sales in the first quarter fell by 4.82 per cent to Rs 175.03 crore (Rs 183.91 crore). For the same period, interest expense stood at Rs 7.81 crore (Rs 15.98 crore). According to Mr A.V. Dharamakrishnan, Senior Vice-President - Finance, interest expense dropped in the first quarter because the full benefit of the previous year's premature repayment of debt showed up. The company's net sales dropped because the volume of cement sales in Tamil Nadu and Kerala had fallen. The four southern States recorded a decline of 9 per cent during the current financial year. The company's sales in the first quarter were 8.55 lakh tonne (9.32 lakh tonne), while production stood at 8.7 lakh tonne (9.01 lakh tonne).
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