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NEW DELHI: Hit by floods in Western India, which had impacted operations at its plant located in Maharashtra, Asahi India Glass Ltd registered a 97.33 per cent drop in its net profit in the second quarter of this fiscal to Rs 51 lakh from Rs 19.16 crore in the same quarter last fiscal.

Commenting on the results, Mr Sanjay Labroo, Managing Director & CEO, said, "Operating income in the fiscal 2005-06 will be impacted by flood losses which are estimated to be at Rs 40 crore. Besides, rising oil prices and certain input costs continue to have an adverse impact. However, the underlying performance remains strong. We expect to improve our performance in the second half. We have been able to restart Taloja Plant earlier than scheduled."

The company's gross sales in the quarter meanwhile rose 2.54 per cent to Rs 181.08 crore, while in the first half of the fiscal gross sales were up 11 per cent to Rs 367.80 crore. Profit after tax in the half-year ended September 30, 2005 declined 48.45 per cent to Rs 16.91 crore.

The company's stock price rose 7.3 per cent to close at Rs 76.40 at the Bombay Stock Exchange on Monday.

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