Packaging firm Uflex today reported 29.41 per cent decline in its consolidated net profit for the quarter ended December 31, 2012, at Rs 36 crore.
The company had posted a net profit of Rs 51 crore in the corresponding period previous year, Uflex said in a statement.
The consolidated revenue of the firm, however, went up by 14.70 per cent to Rs 1,295 crore from Rs 1,129 crore in the year-ago period, it added.
Commenting on the numbers, Uflex Chairman and MD, Ashok Chaturvedi said: “The market conditions for the plastic film have been unfavourable during the current financial year, causing having downward pressure on prices and margins thereof.”
The conditions have started showing some improvement from February, 2013, and there are hopes that it will become better in the coming time, he added.
Shares of Uflex today closed 0.74 per cent up at Rs 88.10 apiece on the BSE.