ACC profit drops by 27%

Fri, Jul 25 01:00 AM

India's largest cement maker, ACC has posted a 27 per cent drop in quarterly profits as increased raw material costs and government taxes adversely affected the cement industry. The company's net profit stood at Rs 255.06 crore for the quarter ended June 30, 2008, as against Rs 349.03 crore posted a year ago.

Total revenues of the company went up marginally by 1.52 per cent at Rs 1,920 crore as against Rs 1,891.28 crore reported a year ago. ACC said the industry would be under pressure due to staggering rise in input costs and pressures to cap selling prices.

"Unless the industry is able to recover cost increases, through suitable adjustments in selling prices through rational economic considerations, the cement industry will be under pressure," ACC said in a statement on Thursday. The company had announced an interim dividend at the rate of 100 per cent to the shareholders.

ACC shares were down 5.13 per cent or Rs 30.35 to close at Rs 560.75 at BSE on Thursday. Zee News net profit up 48% at Rs 9.5 crore Mumbai: Subhas Chandra-led Zee News on Thursday announced a standalone net profit of Rs 9.50 crore for the first quarter ended June 30, a 48.44 per cent growth over the corresponding period a year ago.

The firm had a net profit of Rs 6.4 crore in the first quarter of FY'08, Zee News said in a filing to the Bombay Stock Exchange. Hindustan Zinc net profit falls 30% to Rs 847.8 crore Mumbai: Country's largest zinc producer Hindustan Zinc on Thursday announced a net profit of Rs 847.81 crore for the first quarter ended June 30, a decline of 30.01 per cent over the corresponding period last year.

The company had posted a net profit of Rs 1,211.36 crore for the quarter ended June 30, 2007, Hindustan Zinc said in a filing to the Bombay Stock Exchange. Total income decreased to Rs 1,853.04 crore for the quarter under review from Rs 2,266.06 crore for the year-ago quarter.

Shares of the company were trading at Rs 532, down 3.63 per cent at the BSE..

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