Associated Cement Companies Ltd, India’s second-biggest cement maker, said on Tuesday its quarterly net profit nearly quadrupled, including a one-time gain, on surging prices and higher sales. ACC, one-third owned by Swiss-based Holcim , said net profit rose to 1.92 billion rupees (US$43m) for the fiscal third-quarter ended Dec. 31, from 531 million a year ago. Net profit included a one-time gain of 1.1 billion rupees from the sale of its 50 per cent stake in Everest Industries Ltd. A Reuters poll had estimated a profit of 1.13 billion rupees, before the one-time gain. Total income rose 12 percent to 11.1 billion rupees from 9.87 billion a year earlier.
Shares in ACC, valued at nearly US$2.3bn, gained 9.6 per cent in October-December, marginally higher than a 9 per cent rise in the benchmark BSE index.