Birla Corporation Ltd's Q2 net dips 42 per cent

Kolkata, Oct 30 (UNI) Birla Corporation Ltd, the flagship company of the M P Birla Group, has suffered 42 per cent dip in its net profit at Rs 59.70 crore during the second quarter of the current fiscal against Rs 103.13 in the corresponding period last year.

A Birla Corporation Ltd communique said the firm posted Rs 431.49 crore turnover in the same period as compared to Rs 455.83 crore in the corresponding period previous year, showing a decrease of 5.3 per cent.

The firm's turnover for the first six months of the current fiscal stood at Rs 890.52 crore against 935.78 crore between April and September in 2007, reflecting a fall of 4.8 per cent, it added.

The growth in cement consupmtion was likely to decline particularly on account of the slowdown in the housing and realty sectors.

It added that additional new capacities had resulted in higher availability of cement in the market which in turn put pressures on margins.

UNI SB PC AB 1835