The Hindu Business Line : Madras Cements net declines 32 pc in Q3

CHENNAI: Madras Cements' net profit for the third quarter of this financial year shows a 32 per cent drop compared to that in the same period last year while net sales have increased 7 per cent in this period.

For the October-December 2004 period, the company posted a net profit of Rs 2.79 crore on sales of Rs 160.76 crore, against a net profit of Rs 4.12 crore on sales of Rs 149.98 crore for the same period last year.

When contacted, Mr A.V. Dharmakrishnan, Senior Vice-President - Finance, Madras Cements, said the fall in net profit was because margins were under pressure during the quarter under review. There was a substantial increase in fuel prices while prices in the market fell. The prices have improved to some extent from January 1, he said.

The board of directors, which met today, has declared a second interim dividend of Rs 3 per share (30 per cent).

During the third quarter of the year, total expenditure amounted to Rs 136.81 crore (Rs 116.55 crore) and interest Rs 8.38 crore (Rs 9.48 crore).

In the first nine months of the year, the company posted a net profit of Rs 33 crore on sales of Rs 531.84 crore compared to a net profit of Rs 23.02 crore on sales of Rs 503.08 crore for the same period last year.

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