J K Cement Q1 net zooms 843 pc to Rs 33 crore

Mumbai, Aug 02 (UNI) J K Cement has registered 843 per cent rise in its net profit for the quarter ended June 30, 2006 to Rs 33 crore from Rs 3.5 crore in the corresponding quarter of the last fiscal.

Announcing this, the company said its total income has increased by 39.3 per cent to Rs 280.2 crore for the quarter compared with Rs 201.1 crore in the corresponding quarter last year.

Net sales (net of excise) stand at Rs 279.5 crore for the quarter ended June 30, 2006 compared with Rs 200.3 crore in the corresponding quarter last year.

The figures of previous quarter and year have been regrouped to make them comparable with the present quarter. The company is engaged only in the cement business and there are no separate reportable segments, as per AS-17 issued by the ICAI.

On the recent developments, the company said it has raised Rs 296 crore through public offering in March, 2006. Out of these proceeds, Rs 96.3 crore have been utilised till June 30, 2006.

The expansion scheme of 0.5 million tones of Grey Cement Plant at Nimbahera has been completed in June, 2006 as per schedule, within the projected cost of Rs 21.1 crore (actual cost Rs 21.04 crore), while other projects are at different stages of completion.

The waste heat recovery project of J K Cement, Nimbahera has been registered with United Nations Framework Convention on Climate Change (UNFCCC), making it eligible for carbon credits.

UNI SN PM AW1635