Binani Cement, part of the Braj Binani group, has posted a decline of 84.26 per cent in its net profit for the quarter ended December, 2008 at Rs 8.49 crore compared with Rs 53.95 crore in the corresponding previous quarter. The company's net sales grew to Rs 360.03 crore during the period from Rs 233.31 crore, up 54.31 per cent.
The company said that the poor performance in terms of profitability was mainly on account of doubling of imported coal prices. The quarter saw the expenditure on fuel and power increasing to Rs 166.49 crore from Rs 60.35 crore last year, up 175.87 per cent.
The earning per share for the quarter stood at Rs 0.42 against Rs 2.66. On the Bombay Stock Exchange, the share prices of the company closed the week at Rs 29.60, up 2.07 per cent.