Integrated glass maker Asahi India Glass reported 14 May 2010 a near four-fold increase in its consolidated profit after tax (PAT) for the 4Q 2010 ended 31 March to INR 95 million, on the back of impr…
Integrated glass maker Asahi India Glass reported 14 May 2010 a near four-fold increase in its consolidated profit after tax (PAT) for the 4Q 2010 ended 31 March to INR 95 million, on the back of improved performance in the automotive and construction segments. The company had incurred a consolidated loss of INR 23.8 million during the corresponding quarter of the last fiscal, Asahi India Glass (AIS) said in a statement. It also reported a 5.62% increase in consolidated net sales for the 4Q, at INR 3398.2 million, against INR 3217.3 million during the year-ago period. AIS“s consolidated profit after tax for 2009-10 stood at INR 19.9 million, the statement said, adding that the company had reported a consolidated loss of INR 426.3 million during the previous fiscal. During 2009-10, AIS“s consolidated net sales rose 4.58% to INR 12,949.8 million against INR 12,383.1 million in the 2008-09 fiscal. “The financial performance in the 4Q, and the year 2009-10 as well, reflects the massive efforts put in by AIS to overcome the unexpected adversity that arose in 2008-09. I strongly feel that the worst is now behind us”, AIS chief executive officer and MD Sanjay Labroo said. He said that both the target segments of AIS, automotive and construction, have shown improved performance. “The automotive sector has done exceptionally well, and AIS continued to deliver on the stringent requirements of automotive companies operating in India”, Mr. Labroo said, adding that the company expects the growth momentum to continue this fiscal. AIS is a joint venture between Japan-based Asahi Glass Co, car manufacturer Maruti Suzuki India and the Labroo family.