Prism Cement reports Rs 62.34 cr net loss in Oct-Dec quarter

The company had clocked Rs 53.86 crore net loss in the same quarter last fiscal

Prism Cement today reported Rs 62.34 crore net loss for the October-December quarter on lower sales and higher input costs.

 

The company, which has interests in cement, TBK (tile, bath and kitchen) and ready-mixed concrete (RMC), had clocked Rs 53.86 crore net loss in the same quarter last fiscal, it said in a statement.

 

"Cement margins were impacted due to subdued volumes and increase in input costs during the quarter compared to the corresponding period last year," the company said.

 

The profitability of the RMC business continued to be under pressure due to lower capacity utilisation and increase in costs, especially fuel, it said.

 

TBK divisions profitability adversely impacted on higher fuel and raw material costs.

 

Total income of the company fell to Rs 1,147.49 crore during the quarter compared to Rs 1,179.30 crore a year ago.

 

Cement business contributed Rs 433.77 crore to the topline, tiles division Rs 429.66 crore and the RMC business Rs 287.76 crore.

 

Total expenses, however, fell to Rs 1190.14 crore from Rs 1,209.36 crore. Finance costs went up to 63.29 crore from Rs 50.05 crore.

 

"The demand for building materials is expected to improve in Q4 FY 2013-14 as compared to Q3 of the year. Therefore, the overall capacity utilisation of the company is expected to improve during the quarter," it said.