Asahi India Glass Ltd. (AIS), India“s largest glass company, announced its audited financial results for the 4Q and the year ended 31 March 2007 at its board meeting held 28 May 2007 at Gurgaon. AIS`…
Asahi India Glass Ltd. (AIS), India“s largest glass company, announced its audited financial results for the 4Q and the year ended 31 March 2007 at its board meeting held 28 May 2007 at Gurgaon. AIS“s gross sales for the financial year 2006-07 were INR 8970.8 million. Operating profit and net profit for the period were INR 1648.5 million and INR 420.8 million respectively. Gross sales for the 4Q were INR 2670.9 million. Operating profit and net profit for the period were INR 508.5 million and INR 89.4 million respectively. The interim dividend of INR 0.65 per equity share, earlier declared and paid by the company, was recommended as the final dividend for the financial year 2006-07. Mr. Sanjay Labroo, AIS managing director and CEO, said, “The financial year 2006-07 was a challenging, yet rewarding year. AIS achieved a significant milestone with the completion of the Roorkee plant in record time. The financial results have been on expected lines. However, the year 2007-08 is significant for AIS and will see commissioning of all our expansions and higher utilization of our capacities. Fluctuations in prices of float glass and rising oil prices remain a cause of concern, which will have a bearing on our performance. The recent expansions of AIS in auto glass, float glass, value-added glass and architectural processed glass are a strategic fit into AIS“s value chain strategy. I am confident our increased size and scope of operations, improved cash flows and opportunities for better efficiencies in the glass value chain will make us a more competitive and profitable glass player”.