The company said in a stock exchange filing that the net loss for the September quarter was 33 million rupees (US$304095) compared with a net profit of 45 million in the same period a year ago. The firm, a unit of India’s Gujarat Glass, said sales rose 47.2 per cent to 742 million rupees from 504 million rupees a year ago.
High energy, raw material and packaging costs caused a loss of 120 million rupees in the June 2008 quarter compared with a 44 million rupee profit in the same period a year ago. The latest results showed losses in the first half ending September 30, 2008 were 153 million rupees compared with a net profit of 88 million the previous year. The firm’s cost of sales and finance costs have gone up sharply.