India: Jaiprakash Associates' profit after tax fell by 18.7% year-on-year to US$17.1m in the quarter that ended in March 2014 on account of higher interest costs and lower revenues.
Net sales declined by 11.9% to US$578m during the January - March 2014 quarter, down from US$657m in the same quarter of 2013. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 2.3% year-on-year to US$148m. Interest costs for the quarter jumped by 38% year-on-year to US$128m, while cost overheads such as direct construction costs fell by 25% and other expenditures fell by 11%. Revenue from its cement division, which contributes 45% to the company's total revenue, increased by 0.5% year-on-year to US$280m. However, earnings before interest and cost margin plunged by 700 basis points to 6.7%.
