Final decision on cement hike on Friday

Thursday, 18 August 2011 00:55 - - {{hitsCtrl.values.hits}}

Consumer Affairs Authority Chairman Rumy Marzook said a decision on the increase in cement prices would be given on Friday following representation by Tokyo Cement Lanka Plc asking for a price increase. The maximum retail price of cement has been capped at Rs. 750 for a 50 kg bag.

Although the industry has called for a revision of prices, Holcim Lanka Ltd. officials when contacted denied they had lobbied for the same.

Latest earnings released by Tokyo Cement indicated that while revenue grew 33 per cent to Rs. 4.5 b in the first quarter ending June 2011, profits declined 11 per cent to Rs. 214 m due to high raw material cost. (DG)