Prism Cement, a leading cement manufacturer, has announced that its second quarter net profit has plummeted by 52 percent ato Rs 31.03 crore from the same quarter last fiscal.

In a filing to the Bombay Stock Exchange, the company said that it had registered a net profit of Rs 64.45 crore in the same quarter Financial Year 2008.

Net sales of the company slumps declined to Rs 214.79 crore in the quarter under review, versus Rs 228.11 crore in the same period a year ago.

Further, the board has changed the financial year of the company to duration of nine-months, which will be commencing from 1 July 2008 to end on 31 March 2009.

Earlier, the company had financial year for 12 months period starting from 01 July 2008 to 30 June 2009, it added. Stock of Prism Cement settled well at Rs 22, up 6.92 percent on National Stock Exchange (NSE). The total volume of shares traded was 3,379,416 at the NSE.