Shree Cement recorded 83.5 per cent dip in net profit for the quarter ended December 31, 2010 at Rs 27.49 crore, as sales declined and fuel and freight costs increased. The company had reported Rs 167.43 crore net profit in the corresponding period last fiscal. Th net sales of the company declined by 9.8 per cent to Rs 780.39 crore from Rs 866.04 crore in the previous year. Rise on expenditure on higher power & fuel and freight costs hit the company’s bottom line as the total costs on both these accounts increased to Rs 368.2 crore from Rs 296.6 crore during the October-December quarter of the last fiscal. Rail freight rates have also increased.