ACC profits up 89 per cent

ACC profits up 89 per cent
Published: 09 May 2005

ACC has posted a rise of 88.96 per cent in net profit at Rs 378.39 crore for the year ended March 31, 2005 compared with Rs 200.24 crore last year. Total income (net of excise) rose 16.45 per cent from Rs 3,433.01 crore in FY ’04 to Rs 3,997.85 crore for the year ended March ’05. Two nominees of the company - CEO and board member Markus Akermann, executive committee member Paul Hugentobler - have been appointed as additional directors on the ACC board. GACL and Holcim made an open at Rs 370 per share and the combine now holds around 35 per cent stake in ACC. The open offer was made by Ambuja Cement India a 67:33 joint venture between GACL and Holcim.