Displaying items by tag: Prism Cement
Prism Cement acquires 50% stake in Coral Gold Tiles
06 November 2015India: Prism Cement has acquired a 50% stake in Coral Gold Tiles Pvt Ltd. It did not disclose the value of the deal. The acquisition will increase Prism Cement's tile business capacity to 58Mm2/yr from 54.5Mm2/yr.
Prism Cement’s net loss grew to US$5.08m in the second quarter of its 2016 fiscal year
04 November 2015India: Prism Cement's standalone net loss widened to US$5.08m for the second quarter of its 2016 fiscal year, which ended on 30 September 2015, compared to a net loss of US$3.02m in the same period of 2014. During the period, its net sales grew by 4.56% to US$213m. Prism Cement sold 1.35Mt of cement and clinker compared to 1.29Mt during the same quarter of its 2015 fiscal year.
Prism Cement said that the short term scenario remains 'challenging,' however, government initiatives such as housing, 'smart cities' and the push to infrastructure aided by a stable inflation and rate cut bodes well for the medium and long term economic outlook.
Prism Cement appoints new director
19 August 2015India: Prism Cement Limited has appointed Vivek Krishan Agnihotri as a director following the resignation of the previous director. The Board has also appointed Agnihotri as the executive director of cement, effective from 17 August 2015.
Morgan Stanley buys 0.62% stake in Prism Cement
28 May 2015India: Morgan Stanley Asia Singapore has bought a 0.62% stake in Prism Cement for US$4.98m. The 3.14m shares were purchased at a price of US$1.58/share.
India: Prism Cement's net profit rose by 463% to US$9.73m in the fourth quarter of its 2015 financial year, which ended on 31 March 2015, compared to US$1.73m during the prior year quarter. Sales rose by 0.55% to US$240m in the fourth quarter of the 2015 fiscal year compared to US$239m in the same quarter a year earlier.
For the full year that ended on 31 March 2015, Prism Cement's net profit was US$2.31m compared to a net loss of US$12.9m during the full 2014 financial year. Sales rose by 12.7% year-on-year to US$877m in the 2015 financial year.
Reliance Cement wins mine in coal block auction
16 February 2015India: The first of India's coal mines were auctioned on 14 February 2015. Reliance Cement won one mine for US$128m. Reliance Cement beat Hindustan Zinc and OCL Iron and Steel. The mine has 29.4Mt of total reserves and 5.69Mt of extractable reserves. The block had previously been allotted to Prism Cement earlier. Bidding for the first lot of mines will continue until 22 February 2015. Coal and Power Minister Piyush Goyal said that the money that the government will get from the auctions will be utilised for the development of the states.
Prism Cement plans 3Mt/yr clinker plant
13 February 2015India: Prism Cement is planning a 4.4Mt/yr limestone mining project, which will include a 3Mt/yr capacity clinker plant and a 48MW coal-fired power plant, at the village of Kotapadu and Kalvatala in Kurnool District, Andhra Pradesh. About 6.63km2 has been acquired and the project awaits approval.
Prism Cement plans a limestone mining project and cement plant in Kurnool, Andhra Pradesh
12 January 2015India: Prism Cement is planning a 4.4Mt/yr capacity limestone mining project at the village of Kotapadu and Kalvatala in Kurnool District, Andhra Pradesh. 6.63km2 of land has been acquired. The project will come also include a 3Mt/yr capacity clinker plant and a 48MW coal-fired power plant. The project is waiting for the new industrial policy to be established by the State Government.
Prism returns to profit in second quarter
30 July 2014India: Prism Cement has reported a net profit of US$2.2m for the second quarter of 2014, which it attributes to higher sales and margins. The performance represents a turn-around from the US$7.96m net loss that Prism suffered in the same quarter of 2013. Total income rose to US$230.9m, mainly due to higher revenue from cement and clinker, of which it sold 1.54Mt during the quarter.
Indian producer records loss in three months to December 2012
25 January 2013India: 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."