Greenply June qtr net down 5% at Rs 10 cr

Plywood maker Greenply Industries today posted a five per cent decline in the net profit to Rs 10.4 crore for the quarter ended June 30, 2010, over the same period last fiscal.

The company had a net profit of Rs 10.9 crore in the corresponding quarter previous fiscal, Greenply said in a statement.

During the quarter, the firm's net sales registered a growth of 47 per cent to Rs 262 crore, as against Rs 178 crore recorded in the year-ago period.

"We have achieved considerable growth on revenue and net profit. The company has spent Rs 6 crore on the recently commissioned medium density fibre (MDF) plant," Greenply Industries Joint Managing Director and CEO Saurabh Mittal said.

 

The net profit for the company will increase further once the revenue from MDF plant contributes to the top line, he added.

Greenply is engaged in the manufacturing of plywood and other value added products used in interior infrastructure such as laminates and medium density fibre (MDF).

At present, the company has five plants across the country.