CUMI posts 83% drop in profits as global business suffers

摘要

Profits for Indian abrasives and refractories producer Carborundum Universal Ltd (CUMI) fell by 83% to Indian rupee (Rs) 80m ($ 1.5m) in the three months to 31 December 2012, the company reported in February. The figures were down from profits of Rs 470m ($8.7m) posted by CUM for the corresponding quarter in 2011. Net sales dropped by 9.5% to Rs 4.44bn ($82.7m) from Rs 4.9bn ($91.2m) year-on-year (y-o-y), largely caused by a poor performance in CUMTs electro-minerals division, although the company said that the profitability of all its businesses had been under pressure during the quarter.