India's Prism Johnson posts profit after four straight quarterly losses on tax gains
Feb 6 (Reuters) - Indian construction materials maker Prism Johnson (PRIS.NS), opens new tab reported a profit for the first time in five quarters on Thursday, helped by tax gains related to previous periods.
The company reported a net profit of 481.2 million rupees ($5.5 million), during the October-December period, compared with a loss of 34.5 million rupees a year ago.
Shares of the Hyderabad-based company spiked up to 8% after the results, before losing all of its gains.
However, at a pre-tax basis, the company's net loss widened to 337.1 million rupees, from 89.7 million rupees a year earlier.
Net sales rose 6% on strong performance in its insurance and tilemaking segments, which cushioned weakness in cement and ready-made concrete businesses.
Cement companies have so far reported a mixed set of earnings in the quarter, where they grappled with soft demand and weak prices.
Strong volumes boosted market leader UltraTech (ULTC.NS), opens new tab, its rival Adani Group's cement businesses Ambuja (ABUJ.NS), opens new tab and ACC (ACC.NS), opens new tab, while smaller company Dalmia Bharat (DALB.NS), opens new tab took a hit in the quarter due to lower prices.
Cement business, which formed around 39% of the topline, saw a 2.5% drop in sales. Revenue from ready-made concrete businesses also saw a fall of 6.5%.
However, other businesses helped offset the impact. The tilemaking segment rose 4.8%, while insurance business surged over threefold.
($1 = 87.5370 Indian rupees)
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