HNG FY11 net profit dips by 62 percent

HNG FY11 net profit dips by 62 percent
Hindustan National Glass & Industries (HNG) has recently reported a decline in its consolidated net profit by 61.87 percent to Rs 58.78 crore for the year ended March 31, 2011 as compared to the previous fiscal showing a net profit of Rs 154.17 crore.

The reason for a decrease in EBITDA level, as per the officials at HNG is the increase in power and fuel costs, packing and material charges, which the company could not pass on to the customers in time.

In this year, however, the cost increases till date have been fully passed on which ensures normal operational profits in FY12.

While, the company's net sales rose to Rs 1,553.52 crore for the year in comparison to Rs 1,383.45 crore recorded in previous fiscal.

On a standalone basis, the company posted a net profit of Rs 86.42 crore for the year ended March 31, 2011, while Rs 155.20 crore was registered for the same quarter in 2010.

Read more about: result, bse, hng
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