India Cements cuts net loss 11%

BS 200 SCORECARD

India Cements reduced its losses by 10.55 per cent to Rs 33.31 crore in the third quarter of 2004-05, from Rs 37.24 crore loss recorded in the corresponding period of the previous year.

The third quarter's net sales rose to Rs 319 crore, higher by 11.81 per cent against the previous corresponding period's Rs 285.30 crore.

Interest charge in the third quarter was Rs 46.52 crore against Rs 38.56 crore recorded in the year-ago period. The company's press release said the interest charge had been calculated assuming all lenders had approved the debt restructuring scheme.

However, approvals from some lenders had not been received, and the reduction in interest cost charged to their accounts came to Rs 18.09 crore with the consequent impact on the loss.

The net loss for nine months of 2004-05 came to Rs 69.14 crore, marginally higher than the previous year's loss of Rs 68.47 crore. Net sales for nine months of 2004-05 was Rs 988.40 crore against Rs 887.30 crore registered in the previous year.