CUMI blames dip in Q1 sales on South African refractory ops relocation
Published: Tuesday, 04 August 2015
The Indian company, part of the Murugappa Group, recently announced that it was shutting down and relocating its loss-making Thukela Refractories facility, which produced alumina, from South Africa to India. As a result of this move, coupled with a weak Russian rouble, CUMI has reported a drop in first quarter revenue.
India-based abrasive and global refractories supplier
Carborundum Universal Ltd (CUMI) has posted a 6% drop in net
sales for the quarter ended 30 June 2015 to Indian rupee (INR)
4.87bn ($76.3m*) from INR 5.16bn ($80.9m) the previous year,
primarily due to the relocation of its loss-making Thukela
Refractories plant from South Africa to India....