ACC announces excellent results for second quarter 2006-2007

Associated Cement Companies Ltd (ACC)has announced the following Unaudited Results for the quarter ended June 30, 2006:

The Company has posted a profit after provision for taxation & exceptional item of Rs 4055.80 million for the quarter ended June 30, 2006 (Q2 FY 06-07) where as the same was at Rs 1424.40 million for the quarter ended June 30, 2005 (Q2 FY 05-06). Total Income (net of excise) is Rs 14776.30 million in Q2 FY 06-07 where as the same was at Rs 11654.30 million for Q2 FY 05-06.

During the previous period the Company divested certain non core business while merging cement businesses carried on by its subsidiaries with itself. As a result the following events have been effected in the accounts:

1. Amalgamation of Bargarh Cement Ltd (BCL) and Domadhar Cement and Slag Ltd (DCSL) w.e.f April 01, 2005 and
2. Divestment of Refractory Business w.e.f. September 30, 2005.

Accordingly, the results for the quarter and six months ended June 30, 2006 are not comparable with the respective previous periods.

The Consolidated Results are as follows:

The Group has posted a profit after provision for taxation & exceptional item of Rs 4117.90 million for the quarter ended June 30, 2006 (Q2 FY 06-07) where as the same was at Rs 1489.50 million for the quarter ended June 30, 2005 (Q2 FY 05-06). Total Income (net of excise) is Rs 14938.80 million in Q2 FY 06-07 where as the same was at Rs 12426.10 million for Q2 FY 05-06.

During the previous period the Company divested certain non core business as mentioned below:


1. Divestment of Refractory Business w.e.f. September 30, 2005 and
2. Divestment of stake in Everest Industries Ltd (EIL) erstwhile subsidiary w.e.f. October 14, 2005.

Accordingly, the results for the quarter and six months ended June 30, 2006 are not comparable with the respective previous periods.


Source : Equity Bulls

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