India: Prism Cement returns to profit for 1QFY16-17

Prism Cement has announced its trading figures for the first quarter of the 2016-17 financial year, CNBC’s MoneyControl reports. In the three months to June the firm made a net profit of INR156.5m (US$2.3m) as compared to a loss of INR149m (US$2.2m) in the same period last year.

Overall revenue was down by 0.6 per cent at INR14bn (US$211m), but expenses declined more rapidly, falling by 2.9 per cent to INR13.5bn (US$202m).

Looking to the future, the company said: "While the near term demand outlook remains challenging also due to seasonality, demand scenario for all the three divisions is expected to pick up in the second half of 2016-17 on the back of better than normal monsoon and arrears from pay commission.”