The Hindu Business Line : Marginal dip in Asahi India net

Net profit stood at Rs 19.16 crore in the quarter ended September 30, as compared to Rs 19.30 crore during the year-ago period, a company statement said.

The company, a joint venture between Asahi Glass Co. of Japan, the Labroos and Maruti Udyog Ltd, declared an interim dividend of 100 per cent.

The automotive glass manufacturing firm also announced the setting up its second float glass plant in Uttaranchal which would have a capacity of 700 tonne per day.

According to Mr Sanjay Labroo, Managing Director & CEO, AIS, " The financial results are impacted due to factors like higher input costs, which we believe are non-recurring. New initiatives such as AIS Glass Solutions and our marketing campaign to establish our umbrella brand - AIS will help us retain our premier position in the glass industry. The new float plant is a major investment that should pay rich dividends in the future. Our second automotive glass plant at Chennai is going to be operational very shortly, on time and cost."

The company posted a 19 per cent growth in gross sales during July to September 2004 at Rs 176.60 crore over Rs 148.87 crore during the same period previous fiscal.

Gross sales during the first half grew 20 per cent to Rs 331.41 crore over Rs 275.46 crore during April-September 2003.