The Hindu Business Line : India Cements pares losses in second quarter

INDIA Cements registered a loss of Rs 17.73 crore in the second quarter of 2004-05 as against a loss of Rs 20.36 crore in the corresponding period of the previous year.

Net sales in the second quarter were Rs 357.25 crore (Rs 296.42 crore), higher by 20.51 per cent. Operating profit (before interest, depreciation and tax) was Rs 40.91 crore (Rs 21.76 crore).

Interest expense came to Rs 38.45 crore (Rs 38.99 crore). The interest expense was calculated according to the terms of the Debt Restructuring Scheme that has been approved by most of the lenders. The reduction in interest cost charged for those lenders from whom approval is yet to come stood at Rs 11.72 crore.

India Cements' volume of cement sold this fiscal declined while realisation increased. Cement sold in the first half of 2004-05 stood at 26 lakh tonnes (27.09 lakh tonnes). Realisations increased by about 8 per cent this fiscal to Rs 2,319 a tonne (Rs 2,145 a tonne).

Clinker export for the period stood at Rs 56.13 crore (Rs 14.55 crore).

The company registered a loss of Rs 35.83 crore (Rs 31.23 crore) in the first half of 2004-05 on an income of Rs 669.39 crore (Rs 602 crore).