Priamal Glass Profits Decrease

Glass packaging firm Piramal Glass reported a 66.28% decline in its net profit to INR 163M for the quarter ended 30th June 2012, due to an increase in manufacturing costs. The company had posted a net profit of INR 315M in the same quarter of the previous fiscal, it said. Director Vijay Shah said: "Our new furnace of 160/tpd has been operational since April 2012. Being a new furnace, it is in the process of stabilising and produces sub-optimal product mix, which has impacted profitability in the short term. Going forward, as the capacity stabilisation and improvement in product mix are achieved, we will witness improvement in profitability."