Coal news and updates

Prism Cement’s Q4 net profit down 23%

May 27: Mumbai-based Prism Cements Limited reported a 22.96% drop in its net profit to Rs 11 crore during the January-March quarter (fourth quarter) of 2013-14 compared to Rs 14.28 crore reported in the same quarter of 2012-13, the company said in a filing to the BSE, mainly on account of higher raw material costs and expenses on power and fuel.

But the cement division of the company put up a better show during the quarter. “Prices of cement improved during the quarter and the volumes were higher as compared to Q3, FY 14, on account of relatively better demand. These factors, along with the stabilisation of pet coke usage in the manufacturing process, resulted in higher margins for the division,” a company statement said.

For 2013-14, the company produced 3.74 million tons (mt) of clinker, 4.78 mt of cement. During the year under review, the company despatched 0.29 mt of clinker and 4.80 mt of cement, aggregating to 5.09 mt as against 0.05 mt of clinker and 4.71 mt of cement, aggregating to 4.76 mt in 2012-13.

For 2013-14, however, the net loss of the company widened to Rs 81.65 crore compared to Rs 59.48 crore in the previous year (2012-13).

The following table gives the quarter-on-quarter and yearly performance of Prism Cements Limited in 2014 and 2013 (in Rs crore):