Andhra Cements posts Rs 13 cr loss in Q4

Andhra Cements today posted a loss of Rs 13.19 crore for the last quarter of 2010-11 due to non-operation of its lone facility at Guntur in Andhra Pradesh.

"Due to teething problems with capacity addition, adverse market conditions and labour unrest, etc., operations could not be continued during the quarter. Steps are being made to recommence operations at the earliest," Andhra Cements said in a communique to the Bombay Stock Exchange.

The company had reported a net profit of Rs 41.47 crore in the January-March quarter of the previous fiscal.

Andhra Cements said that though substantial progress had been made to increase the plant capacity to 3.5 million tonne per annum from 1.4 million tonne, moderaisation and upgradation plans got delayed due to pending tie-up of the fund to meet the cost overrun.

During the third quarter of the last fiscal also the company had reported Rs 13 crore net loss on a revenue of Rs 1.26 crore.

The company reported Rs 35.5 crore loss for 2010-11 on a turnover of Rs 52.95 crore. In 2009-10, Andhra Cements had recorded Rs 47.69 crore net profit and Rs 295 crore sales.