CUMI Q2 net falls 47.2 pc

Carborundum Universal Ltd (CUMI), part of diversified business conglomerate Murugappa Group, today reported a 47.2 per cent decline in its consolidated net profit in the July-September 2014 quarter at Rs 15.28 crore.
The Chennai-based CUMI had reported consolidated net profit of Rs 28.46 crore during the corresponding period a year ago.
Net profit for the six-month period ending September 30, 2014 dipped by 23.5 per cent to Rs 44.15 crore from 57.73 crore registered during the same period of previous year, a company statement said.
Total income from operations for the second quarter ending September 30, 2014, marginally declined to Rs 547.95 crore from Rs 560.76 crore registered during the same period of the previous year.

For the half-year period ended September 30, 2014 the total income from operations rose to Rs 1,069.85 crore from Rs 1,068.48 crore registered during the year-ago period.
"Profit before tax decreased by 36 per cent from Rs 46.7 crores in last year corresponding period to Rs 29.8 crore in the current quarter. On a sequential basis, net sales went up by 4.8 per cent but PBT were lower by 30 per cent," the statement said.
The drop in sales on quarter on quarter basis was largely due to electro-minerals division. Ceramics and abrasives divisions did well on a quarter on quarter basis.

Profitability of electro-mineral business were under pressure, the statement said.