Malabar Cements registers record profit in first eight months

Malabar Cements registers record profit in first eight months
Published: 04 January 2007

The State public sector Malabar Cements Limited (MCL) at Walayar here has registered a record profit of Rs.15.05 crore in the first eight months of the current financial year. Last year, the company registered a profit of Rs. 5.03 crore.  
 
Talking to The Hindu here, managing director K.S. Sreenivas said the company’s profit would cross Rs.20 crore in the current financial year. The turnover between April and December, 2006, had risen to Rs.162 crore.  
 
The Cherthala grinding unit of the company, which was started in 2003, registered a profit of Rs.1.5 crore for the first time in the first half-year of the current financial year, he said.  
 
The company has achieved a maximum cement production of 0.68Mta. In the current financial year, the production is likely to reach 0.75Mt.  
 
But the long-term aim of the company is to produce 1Mta of cement.  
 
The managing director said after he took over in August 2006, a number of measures were taken for modernisation and cost-cutting of cement production.  
 
He said modernisation of mining equipment was taken up as an urgent measure. The major mining equipment were old and the maintenance cost of these machines was exorbitantly high.  
 
An excavator at a cost of Rs.2 crore and two compressors at a cost of Rs.3.5 crore were bought for mining operations.