Shree profit sky-rockets

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India: Shree Cement, one of the top-five Indian cement producers, has reported an incredible 539% jump in its net profit for the first quarter of the 2013 fiscal year. Its net profit rose to US$63.6m for the quarter ending 30 June 2012, whereas the net profit of the company stood at US$10.0m during the same period in 2011. Shree's total income rose by 43.8% to US$269m during the quarter, from US$187m.

The company did not explain the massive increase in net profit, but it is likely that the year-ago period saw a large non-operating payment.

Last modified on 29 August 2012

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