Burnpur Cement reports further losses

India-based Burnpur Cement Ltd has reported total revenue of INR330.3m (US$4.09m) in the quarter ended 30 September 2022. This compares to INR312.9m in the previous quarter and INR337.4m in the quarter ended 30 September 2021.

A loss from continuing operations of INR202.5m was seen in the September 2022 quarter, versus a loss of INR179.2 in the previous quarter and a loss of INR183.9m in the comparable quarter a year earlier, reports Dow Jones Newswires. The loss is being attributed to finance costs of INR180.9m and depreciation of INR27.6m. The management is hopeful of improving the performance of the company by exploring various avenues of enhancing revenue. The measures taken are expected to improve the performance of the company and accordingly the financial statement continue to be presented on a going concern basis, said the company in a statement. 

Basic earnings per share fell from -INR2.14 in the quarter ended 30 September 2021 to -INR2.35 in the same period this year. 

In the half year ended 30 September 2022, revenue came in at INR643.2m, down from INR673.5m in the same period a year earlier. Over the same timeframe, the company posted a loss of INR381.7m, compared to a loss of INR366.3m a year earlier, while basic earnings per share declined from -INR4.25 to -INR4.43. 

Kolkata-based Burnpur Cement runs a 0.3Mta integrated cement plant in Asansol, West Bengal, and another 0.3Mta works in Patratu, Jharkhand. 

The company has also announced the appointment of Roy Choudhury as company secretary and compliance officer, effective from 11 November 2022. Mr Choudhury has over six years’ experience in the field of corporate law and corporate compliance.