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Our Bureau

New Delhi May 28 Asahi India Glass Ltd (AIS), on Monday reported a drop in its net profit by 86.64 per cent for its fourth quarter ended March 31, to Rs 8.94 crore from Rs 66.95 crore in the corresponding period previous year.

Asahi's Q4 net sales, however, recorded an increase of 45.79 per cent to Rs 230.12 crore (Rs 157.84 crore).

Asahi said that the reason for a decline in its net profits for the quarter was because the previous year's net profit includes the amount of depreciation of earlier years, which was written back as a result of a change in depreciation accounting method, carried out last year to bring uniformity in the depreciation accounting policy of the company.

Asahi reported a drop in its net profits for the year ended March 31, by 51.21 per cent to Rs 42.08 crore (Rs 86.26 crore). The net sales, however, grew by 29.63 per cent to Rs 761.84 crore (Rs 587.67 crore).

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