ACC sees net profit fall 7% in 1Q20
India’s ACC (LafargeHolcim) has seen its consolidated net profit fall 6.6 per cent YoY to INR3.23bn (US$42.13m) in the first quarter of 2020. Its net sales decreased 10.8 per cent to INR34.33bn from INR38.49bn.
However, its EBITDA advanced 10 per cent YoY to INR5.86bn in the 1Q20, compared with INR5.32bn in the year-ago period.
The company’s cement volumes during the January-March period dropped 12 per cent YoY to 6.56Mt from 7.46Mt, while ready-mix volumes remained flat at 0.93Mm3.
"Until February 2020, cement and ready-mix concrete volumes benefitted from a healthy growth. Despite COVID-19 impacting operations in the month of March, we have delivered a double-digit growth in EBITDA for the first quarter of 2020 compared to the same period last year. This growth has been supported by a significant focus on premium products, increase in value added solutions in our ready-mix business and the results of cost reduction exercise in manufacturing and logistics," said Sridhar Balakrishnan, ACC's managing director and CEO.
