February 5, 2019 / 8:39 AM / 7 months ago

ACC fourth-quarter profit more than triples on one-time tax gain

REPRESENTATIVE IMAGE: Labourers stand after unloading cement bags from a freight train at Ghaziabad railway station on the outskirts of New Delhi, India, April 20, 2017. Picture taken April 20, 2017. REUTERS/Adnan Abidi/File Photo

(Reuters) - Cement maker ACC Ltd posted on Tuesday a more than three-fold jump in profit for the fourth quarter, as the company recorded a tax credit.

Standalone net profit rose to 7.30 billion rupees ($101.78 million) for the quarter ended Dec. 31, compared with 2.05 billion rupees a year earlier, the company said.

Analysts on average had expected ACC, a unit of the world’s largest cement maker LafargeHolcim Ltd, to post a profit of 2.83 billion rupees, according to Refinitiv data.

Sales jumped nearly 11 percent to 37.89 billion rupees.

ACC received a tax credit of 3.91 billion rupees in the quarter.

($1 = 71.7200 rupees)

Reporting by Tanvi Mehta in Bengaluru, Editing by Sherry Jacob-Phillips

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