CUMI blames dip in Q1 sales on South African refractory ops relocation

By Liz Gyekye
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....

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