Prism Cement slides back into red; clocks Rs 48-cr loss in Q1

The company had reported Rs 11 crore net profit in the corresponding quarter a year earlier

Prism Cement today slid back into the red, clocking Rs 47.87 crore loss during the first quarter ended June 30, 2013, due to higher expenses.

 

The Mumbai-based company, which has interests in cement, ready-mixed concrete and tiles (TBK), had reported Rs 11 crore net profit in the corresponding quarter a year earlier, it said in a BSE filing.

 

Prism Cement's total income slightly dipped to Rs 1,134 crore in April-June, 2013 from Rs 1,137 crore during the same quarter of the last fiscal.

 

Cement division contributed Rs 483 crore to the topline, while TBK and ready-mixed concrete contributed Rs 386 crore and Rs 269 crore, respectively.

 

Prism said it sold 1.17 lakh tonnes clinker and 12.40 lakh tonnes of cement during the quarter.

 

"The profitability of the TBK division was adversely impacted during the quarter on account of inflation-led higher fixed costs but flattish revenues, higher power and fuel costs and higher freight costs when compared to the corresponding period last year," it added.

 

The ready-mixed division's revenue was lower by 10% due to subdued demand and weak business environment.

 

Total expenses of the company, however, rose to Rs 1,139 crore during the reporting quarter compared to Rs 1,078 crore.