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Asahi India Glass posts quarterly loss

Post Time:Jul 31,2008Classify:Company NewsView:355

NEW DELHI, July 30 (Reuters) - Asahi India Glass Ltd (AISG.BO: Quote, Profile, Research) posted a quarterly loss, hurt by foreign exchange fluctuations and a hike in fuel prices, it said in a statement on Wednesday.

Asahi, which makes glass for automobiles and buildings, posted a net loss of 408.9 million rupees for the Apr-June quarter from a year-ago profit of 207.2 million rupees, on standalone basis.

The firm's foreign exchange losses for the quarter stood at 543.4 million rupees. In the year ago period it had a forex gain of 471.7 million rupees.

A Reuters poll of analysts had forecast a quarterly loss of 72.50 million rupees.

"The Indian economy shows some signs of reduced growth, creating a challenging environment," Managing Director Sanjay Labroo said in a statement.

On a consolidated basis, net loss for the current quarter stood at 428.5 million rupees from a year-ago profit of 200.9 million rupees. Net sales rose 44 percent to 3.24 billion rupees. Asahi India Glass is a joint venture between the Labroo family, Asahi Glass Co Ltd (5201.T: Quote, Profile, Research) of Japan, and Maruti Suzuki India Ltd (MRTI.BO: Quote, Profile, Research). Shares of the firm were up 0.29 percent at 52 rupees in a firm Mumbai market. (Reporting by Rakesh Sharma; editing by Sunil Nair)

Source: ReutersAuthor: admin

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