MUMBAI, August 20: Despite a crippling recession in the cement industry, Gujarat Ambuja Cements has reported net profit for 1997-98 at the same level as in the previous year. The company has proposed a higher dividend of 60 per cent including the 25 per cent interim dividend already paid.Turnover has increased from Rs 921.37 crore to Rs 1,130.96 crore, an increase of 23 per cent. The company has made operating profit of Rs 352.79 crore against the previous year's Rs 285.46 crore and cash profit of Rs 245.03 crore as compared to Rs 216.65 crore in 1996-97. After depreciation of Rs 108.50 crore (Rs 216.65 crore) and Rs 4.75 crore for taxation against Rs 3 crore, the net profit amounted to Rs 131.66 crore against Rs 132.38 crore last year.
The company said it has able to sharply increase sales volumes despite the cement industry continuing to face over-capacity and resultant depressed prices.
From 4.04 million tonnes in the previous year, the volumes have jumped to 5.06 million tonnes in 1997-98, it saidin a statement here.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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