Tancem Pares Losses

State-owned Tamil Nadu Cements Corporation Limited (Tancem) has reported a 85 per cent reduction in losses, riding on cost-cutting, for the financial year ended March 2003.

Improved capacity utilisation, increased efficiency in operations and cost-cutting measures resulted in a saving of Rs 22 crore per annum at Tancem.

The prevailing cost-cutting measures along with continuing steps to improve productivity are also expected to put Tancem back on the road to profitability during the current financial year.

From a net loss of Rs 11 crore incurred during 2001-02, Tancem has pared its loss to Rs 1.65 crore for the previous financial year.