India-based flexible packaging manufacturer Uflex's Q3 net profit down 19% year-over-year to .46 crore rupee despite higher revenue, increased manufacturing capacities due to newly commissioned facilities in Poland and Kentucky
November 12, 2013
(South Asian Times)
– Flexible packaging firm Uflex said its revenue rose to Rs.1,516 crore for the quarter ended September as compared to Rs.1,250 crore recorded in the same period last year.
However, the company's net profit dropped to Rs.46 crore for July-September quarter from Rs.57 crore recorded in the same period last year.
The company had posted Rs.43 crore profit in the first quarter of the current financial year.
"Higher revenue has come on the back of increased manufacturing capacities at our disposal with the newly commissioned facilities in Poland and Kentucky which resulted in expanding our market reach and improving response time," Ashok Chaturvedi, chairman and managing director of Uflex, said in a statement.