Kolos Cement Grapples with Rs 56.7 Million Losses

Kolos Cement Ltd, a distributor of cement and cement-based products in Mauritius and Madagascar, has reported losses amounting to Rs 56.7 million due to the introduction of cement price controls by the Ministry of Commerce in February this year. 

The company faced difficult economic conditions in Madagascar and reduced profitability in Mauritius. For the quarter ending June 30, the group recorded losses of Rs 8 million, compared to a profit of Rs 30.8 million for the same period in 2022.

Despite the challenges, Kolos is committed to maintaining product quality and addressing customer needs.

The management is working with local authorities to find solutions to mitigate the impact of price controls.

It reportedly plans to review its operational model in Madagascar to address operational losses.

Source: Le Mauricien