Prism Johnson Q4 Results: Firm posts loss hurt by lower pricing in cement business
Net sales fell marginally to 20.46 billion rupees from 20.56 billion rupees a year ago. Revenue from Prism Johnson's largest segment, cement, declined 3.3%. Cement makers usually resort to price cuts in the March-quarter to boost sales volumes, in order to clear year-end inventory backlogs.
Indian construction maker on Thursday posted a in the fourth hurt by lower in its segment.Consolidated net loss after tax stood at 305 million rupees ($3.7 million) for the quarter ended March 31, compared with a profit of 42.5 million rupees in the year-ago period.
Net fell marginally to 20.46 billion rupees from 20.56 billion rupees a year ago. from Prism Johnson's largest segment, cement, declined 3.3%. Cement makers usually resort to price cuts in the March-quarter to boost sales volumes, in order to clear year-end inventory backlogs.
While the cost of materials consumed fell 2.6%, this could not offset the impact of price cuts taken by the company, with the company stating that price realisation in the declined 6.9% year-on year.
Shares of fell 3.2% after posting results, extending its year-to-date losses to 19.8%
($1 = 83.4842 Indian rupees) (Reporting by Anisha Ajith in Bengaluru; Editing by Sherry Jacob-Phillips)
Source: Stocks-Markets-Economic Times
