Mumbai-based cement maker Ambuja has released its results for the third quarter of 2016, showing a profit of Rs 277 crore (US$ 41.5 million).

While the results are not comparable with previous figures, due to Ambuja’s merger with Holcim in August this year, the company’s year-on-year sales volumes were down 6.6%, to 4.5 million tonnes.

Although monsoon weather has reduced volumes across the industry, it is reported that Ambuja also lost market share.

The total third quarter income for Ambuja alone fell 4.3%, year-on-year, to just over RS 2,004 crore (US$ 300 million).

Ambuja’s consolidated net profit, following the merger, was up 40% to Rs 216 crore (US$ 32.3 million), and the resultant extraordinary dividend income for the quarter was Rs 103 crore (US$ 15.4 million).

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