The India Cements’ net profit grew almost five-fold in the second quarter of its 2016 fiscal year
The India Cements Limited (ICL) has posted a nearly five-fold growth in its net profit for the second quarter of its 2016 fiscal year, which ended on 30 September 2015.
Its net profit grew from US$1.14m to US$6.26m in the second quarter of its 2016 fiscal year. Growth mainly stemmed from improved operating parameters and substantial reductions in variable costs. Its operating profit grew to US$35.4m from US$27.9m. Cement capacity utilisation was at 60% and is expected to rise.
According to Managing Director and Vice-Chairman of ICL, N Srinivasan, the last three quarters have seen the company posting consistent profits, a development that Srinivasan said had resulted in the company seeing better times ahead. "We have remained on the profit track for three consecutive quarters. Going forward, we see better times ahead. We had a tough time for two years and have achieved a turnaround by cutting costs and maintaining a healthy cement price," said Srinivasan. "With expected the increase in cement demand in the southern states and Andhra Pradesh building its new capital city Amaravati, we hope that the company will do well in the coming years."
source: Global Cement
Top News
Six last month
Two last year
Bolivia ditches new gold rule within days to curb ‘speculation’
Iron ore price drops toward $100 as China’s latest fix disappoints
China, Indonesia seal $10 billion in deals focused on green energy and tech
Copper price, stocks are being hammered as Trump tariff, China worries mount
Codelco copper production rises in September, Escondida dips
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Top gold ETF sees largest weekly outflow since 2022 on Trump win
US judge narrows investor lawsuit against Rio Tinto over Mongolian mine
Japan, Peru to agree on cooperation in mineral mining technology
Families gather at South African mine shaft where hundreds are feared stuck underground
Soaring demand for copper will help drive mergers, BHP CEO says
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Lithium in nascent rebound, but long-term outlook is bleak
Higher silver supply to reduce global deficit by 4% in 2024
Swapping aluminum for copper will maintain China’s resources, group says
MinRes halts Bald Hill mine amid lithium price rout
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Zimbabwe to end tax relief for miners to spur mineral processing
Australian iron ore giants’ shares sink on disappointing China stimulus
Families gather at South African mine shaft where hundreds are feared stuck underground
Soaring demand for copper will help drive mergers, BHP CEO says
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Higher silver supply to reduce global deficit by 4% in 2024
Swapping aluminum for copper will maintain China’s resources, group says
MinRes halts Bald Hill mine amid lithium price rout
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Zimbabwe to end tax relief for miners to spur mineral processing
Australian iron ore giants’ shares sink on disappointing China stimulus