Shree Cement profit hit by charge

Shree Cement profit hit by charge
Published: 07 March 2006

Cement maker Shree Cement expects to report a 72 per cent jump in 2005/06 profits but will miss market expectations by a wide margin because of a depreciation charge of at least Rs 1.3bn rupees (US$29m).

Shree’s managing director Hari Mohan Bangur said on Tuesday that its 2005/06 net profit would come in below Rs 500m, up from 291m a year earlier, but well below the Rs 1.16 bn average forecast of six analysts polled by Reuters Estimates.