October 17, 2018 / 11:30 AM / 6 months ago

ACC third-quarter profit misses expectations as expenses rise

A labourer takes a nap on the stacked cement sacks of ACC company on the outskirts of Allahabad June 22, 2012. REUTERS/Jitendra Prakash/Files

(Reuters) - Cement maker ACC Ltd on Wednesday posted a 15.7 percent rise in quarterly profit, which fell short of market estimates as expenses rose.

Standalone profit was 2.06 billion rupees ($27.99 million) for the third quarter ended Sept. 30, compared with 1.78 billion rupees a year earlier, the Mumbai-based company said in a statement.

Analysts on average had expected a standalone profit of 2.34 billion rupees, according to Refinitiv data.

Cement sales volume grew 10 percent to 6.55 million tonnes in the quarter, while expenses rose 9.8 percent.

Quarterly sales of the company, which is a unit of the world’s largest cement maker, LafargeHolcim Ltd, grew 10 percent to 33.64 billion rupees.

($1 = 73.6000 Indian rupees)

Reporting by Krishna V Kurup in Bengaluru; Editing by Amrutha Gayathri

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