HEADS HIGH - ROOFIT INDUSTRIES
Article Abstract:
The future fortunes of Roofit Industries, a asbestos cement sheet producer, is likely to pick up once it completes its restructuring exercise. Roofit Industries which holds a 10 percent stake in the asbestos cement sector, undertook the revamp following the opening up of the sector. The exercise has enabled the company to raise its asbestos cement sheet (AC sheet) capacity to 90,000 tonnes per annum (tpa) from 45,000 tpa. The capacity was raised by merging Premier Roofing Products, a wholly owned subsidiary of Roofit Industries. Roofit Industries has not been able to exploit the benefit of consolidation as the depreciation and interest costs have risen. The costs have risen as Roofit Industries has set up an additional colour sheets capacity of 25,000 tpa. It also saw the first full year of its additional capacity. As a part of the revamp process, Roofit Industries proposes to buy the pipes division of Sun Earth Ceramics for Rs12 crore. The division will be purchased with effect from July 1998. Roofit is likely to reap the benefits of the revamp during 1999-2000 as the pipes division and the AC sheets division are likely to offer more to its net profit for this year. Despite the tough market, Roofit posted sales of Rs27.59 crore during the three months ended September 1998. It also posted a net profit of Rs2.62 crore. (ag)(m)
Comment:
The future fortunes of Roofit Industries, a asbestos cement sheet producer, is likely to pick up once it completes its restructuring exercise.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
WINNERS ALL THREE - ACC
Article Abstract:
Associated Cement Companies (ACC) has posted a 4.5 percent increase in sales to Rs633.68 crore and 320 percent increase in net profit to Rs34.02 crore in the third quarter ended December 31, 1998. It has diluted its stake in International Ferrites and liquidated its US-64 units and earned a non operational other income of Rs46.33 crore in the third quarter of 1998-99 which has helped the company increase its net profit. Its interest costs have increased by 39 percent to Rs43.65 crore in the third quarter of 1998-99. It has commissioned its 1.2 million tonnes per annum cement plant in Madhya Pradesh and 0.6 million tpa plant in Bihar. Its total capacity has increased to 11 million tpa. It plans to come out with a rights equity issue in 1999. (rk)(m)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: GLFL HOUSING FINANCE CUTS INTEREST RATES. LLOYDS FINANCE FD, DEBENTURES
- Abstracts: ANGLO-FRENCH DRUGS & INDUSTRIES LIMITED SHASUN CHEMICALS NET AT Rs5-Cr
- Abstracts: TEC NET RISES 39% GUJARAT INDUSTRIES POWER COMPANY LIMITED: FINANCIAL RESULTS. KPCL CHARGED UP WITH RECORD PROFIT
- Abstracts: SANGAMESHWAR COFFEE ESTATES AND INDUSTRIES LIMITED THE RAJENDRA COFFEES LIMITED. COFFEE BOARD TO INVITE FOREIGN ROASTERS TO INDIA