Country's largest cement maker, ACC announced financial results for year ended December31, 2008. The firm posted 23 per cent decline in net profit following high input costs and low demand in realty sector in the midst of global financial crisis. Its net stood at Rs 1,099 crore in the reporting quarter as compared to Rs 1,427 crore in the same period last year.

The firm, having capacity of 22.4 million tonne, posted 11 per cent rise in consolidated income at Rs 8,000 crore from Rs 7,221 crore last year. Its stand alone profit stood at Rs 1,212 crore from Rs 1,438 crore in the same quarter last year, registering decline of 16 per cent due to decline in construction activities during the period.

Meanwhile, the company has announced to scrap all expansion plans for the time and said, "ACC is focusing on completing ongoing projects, we have, for the time being, deferred new commitments on other expansion projects in the pipeline."

Shares of cement manufacturer closed with increase of 0.64 per cent at Rs 531.50 the Bombay Stock Exchange.