BENGALURU (Reuters) – Indian building materials maker Prism Johnson reported a second-quarter profit on Friday, compared to a loss a year ago, helped by a one-time gain from the sale of some assets.
Consolidated profit after tax was at 1.83 billion rupees ($21.98 million) in the quarter ended Sept. 30. The cement and tiles maker had reported a loss of 826.2 million rupees in the same quarter a year earlier.
The firm recognised a one-time gain of 3.9 billion rupees from the sale of a mining lease and land in the state of Andhra Pradesh to Chennai-based Ramco Cements.
The firm reported a narrower loss of 380.8 million rupees before the exceptional item and taxes from a loss of 952 million rupees a year ago, on strong cement sales.
Total expenses rose 6.7% to 18.84 billion rupees.
Last month, cement maker UltraTech Cement topped second-quarter revenue estimates on strong domestic demand, while ACC posted a bigger-than-expected profit.
Prism Johnson’s net sales rose nearly 6% to 17.30 billion rupees. Its revenue from the cement segment, which accounts for more than half of overall sales, climbed more than 16%.
Shares of the company rose as much as 4.9% to 146.8 rupees after the results were announced. They rose 1.3% during the July-September period.
($1 = 83.2600 Indian rupees)
(Reporting by Rama Venkat and Ashna Teresa Britto in Bengaluru; Editing by Sonia Cheema and Janane Venkatraman)
