Kolos records losses of Rs 48.5 million amid rising operational costs

Leading cement manufacturer Kolos Cement Ltd has reported losses of Rs 48.5 million for the quarter ending on March 31, 2023, Le Mauricien newspaper has reported.

The company’s revenue for the same period reached Rs 522 million, compared to Rs 477 million the previous year, it added.

The losses are attributed to increasing operational costs, including inflation, exchange rate volatility, and rising costs of raw materials and fuel.

In response to the financial difficulties, Kolos Cement is considering implementing measures such as charging for the rental and management of wooden pallets and plastic covers.

The company has also initiated discussions with the Ministry of Commerce and Consumer Protection for a revision of cement price control and has filed a request for a Judicial Review to obtain a new calculation basis for cement prices.

The company hopes for a favourable resolution to sustain its operations.

Source: Le Mauricien