ACC says Dec quarter profit down 49 percent, meets expectations
MUMBAI (Reuters) - ACC Ltd (ACC.NS), controlled by Swiss group Holcim (HOLN.VX), the world's second-largest cement producer, reported a 49 percent fall in net profit for the Oct-Dec quarter, meeting analyst expectations.
ACC, India's No. 2 cement maker, reported a net profit of 2.39 billion rupees compared with 4.7 billion rupees a year earlier, meeting market estimates of 2.4 billion rupees, according to Thomson Reuters I/B/E/S.
The year-ago number included an exceptional gain for tax write-back of 1.29 billion rupees. Excluding this, profit would have fallen 30 percent.
Earlier, Morgan Stanley downgraded ACC to "equalweight" from "overweight", while cutting its view on the cement industry to "in-line" from "attractive."
(Reporting by Aditi Shah; Editing by Prateek Chatterjee)
- Tweet this
- Share this
- Digg this
GROUP OF 20
The G20 leading nations say they are tantalisingly close to adding an extra $2 trillion to the global economy and creating millions of new jobs, but Europe's extended stagnation remains a major stumbling block. Full Article
Top rice exporter India importing over 100,000 T on temporary supply squeeze. Full Article