Hindusthan National Glass & Industries (HNG) posted a 4.8% decrease in net profit at INR 31.4 crore for the quarter ended 31 December 2010 compared to the same period last fiscal. The glass manufactur…
Hindusthan National Glass & Industries (HNG) posted a 4.8% decrease in net profit at INR 31.4 crore for the quarter ended 31 December 2010 compared to the same period last fiscal. The glass manufacturer, based in Kolkata, and part of the Somany Group, had a net profit of INR 33 crore in the same quarter of 2009. The company said it is planning for another round of price hike this month to offset the rising input cost. During the quarter, company net sales were up 14% to INR 399 crore compared to INR 351 crore in the corresponding period of the previous year. The sector has been affected by the increase in energy cost and packaging materials…Another price increase is expected to be in place with effect from February, 2011, Hindusthan National Glass & Industries CFO Laxmi Narayan Mandhana said. The firm is also looking at expanding its production capacity to meet the growing demands of glasses. We plan to double our existing capacity of 2,825 tonnes per day (TPD) to 5,975 TDP in the next three years through both greenfield and brownfield expansions, in order to meet this demand, Mandhana said, adding that the demand for container glass is growing at a steady 10-12%.