Greenply Industries has said its net profit declined by 55.42 per cent to Rs 5.92 crore for the fourth quarter ended March 31, 2011, over the same period previous fiscal.

The company had registered a net profit of Rs 13.28 crore in the same period previous fiscal.

“This was primarily due to losses incurred at the new MDF and laminate units at Pantnagar, Uttarakhand and Nalagarh, Himachal Pradesh on account of low capacity utilisation and product-mix and foreign currency losses,” the company said in a statement today.

The company posted foreign currency losses of Rs 8.83 crore during the fourth quarter of FY11 compared with a gain of Rs 2.76 crore in the fourth quarter of FY10. Net sales rose to Rs 348.76 crore from Rs 257.84 crore.

The company’s net profit for the year ended March 31, 2011 stood at Rs 25.09 crore against Rs 49.57 crore in the previous fiscal, Greenply Industries said in a statement.

“We have achieved a growth of 35 per cent in the company’s existing plywood and laminates business during the fourth quarter and we expect better results in future on achieving optimum utilisations and superior product value-mix in new MDF and Laminate plants,” the Greenply Industries Managing Director, Mr Rajesh Mittal, said.

Net sales for the year stood at Rs 1,216.09 crore compared with Rs 871.41 crore in the previous fiscal.

On a consolidated basis, the company’s net sales stood at Rs 1,258.67 crore.

Meanwhile, the shares of Greenply Industries ended at Rs 191 on the Bombay Stock Exchange, up 0.79 per cent from its previous close.