Profits for Indian abrasives and refractories manufacturer Carborundum Universal Ltd (CUMI) fell by 83% to Indian rupee (Rs) 80m ($1.5m*) in the three months to 31 December 2012, the company has reported.
The figures were down from profits of Rs 470m ($8.7m) posted by the company for the corresponding quarter in 2011.
Net sales dropped by 9.5% to Rs 4.44bn ($82.7m) from 4.9bn ($91.2m) year-on-year (y-o-y), largely caused by a poor performance in CUMI’s electro-minerals division, although the company said that the profitability of all its businesses had been under pressure during the quarter.
CUMI managing director K Srinivasan said in a post-earnings conference call that the company had operated conservatively during the final three months of 2012 owing to the present...