India: Orient Cement posts US$4.4m Q3 loss

Orient Cement has recorded a loss of INR294m (US$4.4m) for the quarter to the end of September 2016, CNBC’s Money Control reports.

The loss stands in contrast to the same period last year, in which Orient made a profit of INR280m. The current quarter did see revenues rise by 11 per cent to INR4.45bn.

“Our markets and plants underwent some difficulty because of monsoon rains. It led to operational challenges,” said Deepak Khetrapal the firm’s MD and CEO.

Khetrapal added that volumes had also been hurt by the shutdown of a thermal power plant from which Orient sources fly ash.