JK Cements Q1 Net nosedives over 99% to Rs 16 lakh

JK Cements today reported more than 99 per cent plunge in net profit on a standalone basis to Rs 16 lakh for the first quarter ended June, 2015.
The firm had reported a net profit of Rs 38.02 crore in the year-ago period, it said in a BSE filing.
Total standalone income rose marginally by 1.4 per cent to Rs 813.72 crore in the April-June quarter this fiscal from Rs 803.22 crore in the same quarter of 2014-15, it added.
Reacting to the results, JK Cements shares closed 2.86 per cent down at Rs 662 apiece on the BSE.
Meanwhile, in a separate BSE filing, the company said its "Board considered and/or taken note that the company acquired 100 per cent paid up equity capital and thereupon made Jaykaycem (Central) Ltd (an unlisted, public limited and part of promoter group company), its wholly-owned subsidiary."

This will facilitate implementing the business plan of Jaykaycem (Central) Ltd and/or to implement its future cement project(s), the filing added.