Prism Johnson sees 61% fall in net profit

India’s Prism Johnson Ltd, formerly known as Prism Cement, has reported a 61 per cent fall in standalone net profit to INR564.5m (US$7.47m) in the FY19-20, compared with INR1.46bn in the previous fiscal year. EBITDA was also down six per cent YoY to INR5.22bn from INR5.55bn.

Cement volumes contracted by three per cent during the FY19-20, due to the country entering lockdown in March. Otherwise, cement volumes were expected to increase since they were up a modest one per cent YoY for the first 11 months. Overall cement and clinker volumes declined nine per cent YoY, as clinker volumes decreased sharply.