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ACC Q3 net up at Rs 340 million

Associated Cement Companies or ACC recorded a net profit of Rs 340.2 million during the third quarter ended December 31, 1998 as against Rs 81 million of the third quarter of the last year. The net profit for the nine months ended December 31, 1998 also jumped to Rs 551.2 million from Rs 293.1 million of the corresponding period of the last year.

The net sales/income in the third quarter was higher at Rs 6.33 billion from Rs 6.06 billion while the net income for the nine-month period ended December 31, 1998 increased to Rs 18.24 billion from Rs 17.78 billion in the previous year.

The provision for tax and interest were Rs 39.9 million and rs 436.5 million respectively during the quarter while the depreciation amounted to Rs 261.7 million.

Depreciation and interest charges were higher on account of commissioning during this year of the new 1.2 million tonnes per annum clinkering unit at Kymore and augmentation of grinding capacity to 0.6 mtpa at Sindri. The economic slowdown and the considerable supply overhang of cement continued during the quarter, the company said in a statement.

UNI

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