The Hindu : ACC Q3 net up 19 p.c.

Online edition of India's National Newspaper
Saturday, Jan 18, 2003

Business

Business

ACC Q3 net up 19 p.c.

Associated Cement Companies has posted a 19.37 per cent rise in its net profit at Rs. 20.21 crores in the third quarter ended December 31, 2002, against Rs. 16.93 crores in the same period of the previous year. However, net sales or income from operations were lower at Rs. 801.19 crores against Rs. 812.99 crores, ACC managing director, M. L. Narual, said in a release.

Exceptional items include a write down of Rs. 10.21 crores as value of assets and provision of Rs. 3.75 crores for contingencies.

In the quarter ended December 31, 2002, cement sales increased by 4.3 per cent to 32.88 lakh tonnes from 31.52 lakh tonnes in the corresponding period last year. The gross cement price realisation for Q3 declined by 5 per cent.

The impact of drop in cement prices and an increase in inputs prices was largely neutralised by a rise in sales volume.

For the nine months ended December 31, 2002, the net profit was Rs. 45.17 crores against Rs. 77.91 crores while sales were Rs. 2,474.91 crores.

The company's divestment in Bridgestone ACC India is expected to be completed in Q4 of the current year, the release added.

ITC

ITC's net turnover for the quarter ended December 31, 2002 grew by 12.2 per cent to Rs. 1,468 crores on the back of allround growth in all its businesses, particularly in the agri and FMCG segments. The post tax profit registered an impressive growth of 21.8 per cent to Rs. 323.51 crores, according to a company release.

Earnings per share for the quarter stood at Rs. 13.07.

The domestic cigarette industry continued to be impacted by burgeoning state level taxes. However the company leveraged its leadership position in the industry to record a revenue growth of 5.7 per cent by improved product mix.

The Lifestyle retailing business expanded its product range with the introduction of `Wills Classic' range of formal work wear.

The two year old greetings cards business, which recorded its highest sales during the current quarter, has already garnered a market share of 15 per cent.

The hotel industry witnessed a significant improvement in market conditions during the quarter. The ITC Maurya Sheraton, New Delhi and the ITC Grand Maratha Sheraton, Mumbai, registered impressive occupancies and revenues during the quarter under reference.

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