India: ACC has reported a 40% drop in its consolidated net profit to US$17.7m for the quarter that ended on 30 September 2015 as it was hit by a sales decline and subdued prices. It had posted a net profit of US$29.5m during the same period of 2014.
ACC's total consolidated income fell marginally to US$428m in the July - September 2015 quarter from US$432m in the same period of 2014. Its total expenses grew to US$405m from US$395m in the 2014 quarter. ACC said that cement sales were poor during the July - September 2015 quarter and added that the pace of India's economic revival has been slower than expected. ACC's cement sales fell to 5.61Mt from 5.62Mt in the same period of 2014.
"With subdued construction activity in most of the monsoon season, the industry witnessed weak off-take of cement in the quarter. As a result, our cement volumes were correspondingly flat. Selling prices were subdued," said ACC. While sales here was almost flat, there was improvement in input and energy costs.
