Hindusthan Glass posts Q4 loss

Hindusthan National Glass and Industries Ltd (HNG) has posted a net loss of Rs 84 crore in Q4 FY13 against a net profit of Rs 31 crore in Q4 FY12.

For the full year, the country’s largest container glass maker posted a net loss of Rs 172 crore, against a net profit of Rs 91 crore in 2011-12.The company’s board has proposed a dividend of 5 per cent (or Re 0.10 a share of Rs 2 each).The HNG stock closed at Rs 194.95, up by 0.23 per cent, on Friday.

During Q4, HNG’s depreciation and finance costs shot up 100 per cent and 150 per cent to Rs 62 crore and Rs 65 crore, respectively.

The company had commissioned its second line of operation at Nashik in Maharashtra and its glass container plant at Naidupeta in Andhra Pradesh with a capacity of 650 tpd each in Q2 and Q3 of FY’13, respectively.

Total expenses also went up 15 per cent to Rs 552 crore and net sales dropped nearly 4 per cent to Rs 500 crore in Q4.

600450 Hindusthan Glass posts Q4 loss glassonweb.com
Date: 3 June 2013
Source: www.thehindubusinessline.com

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