JK Cement slips after sharp drop in Q2 net profit

Net profit for Sep 2015 quarter dropped 58% to Rs 13.7 crore compared to Rs 32.3 crore for Sep 2014 quarter

Shares of JK Cement were down over 3% after the company reported nearly 58% drop in net profit at Rs 13.7 crore for the quarter ended September 30, 2015 compared with Rs 32.3 crore in the corresponding quarter last fiscal because of rise in finance costs.

Finance costs for the quarter under review increased to Rs 69 crore compared with Rs 46.2 crore in the same quarter ended September 30, 2014

Net sales for September 2015 quarter were higher at Rs 867.9 crore as against Rs 827.9 crore for the corresponding quarter ended September 2014.

The stock opened at Rs 670 on the Bombay Stock Exchange and touched a low of Rs 649. At 13:15pm, over 13,000 shares were traded on both the stock exchanges.