India: Prism Cement has reported a loss of US$10.1m for the quarter ending 31 December 2012, due to poor demand for the building material, high power and raw material costs. The firm, which has also has interests ready- mix-concrete and tiles as well as cement, had made a US$4.3m net profit in the October-December quarter of 2011. Prism's net sales fell as expenses rose.
"Poor demand, weak government spending on infrastructure kept prices of cement under pressure in the quarter," said Prism in a presentation to investors. "Coupled with higher power,freight and raw material costs, realisations have been adversely impacted. The markets are expected to improve and stabilise during the last quarter of the financial year."