Packaging company Uflex has reported a decline of 27.55 per cent in consolidated net profit at Rs 71.13 crore for the fourth quarter ended March 2018 due to increased depreciation cost.
The company had posted a net profit of Rs 98.19 crore during the January-March quarter a year ago, Uflex said in a BSE filing.
However, its total income was up 5.88 per cent to Rs 1,814.73 crore during the quarter under review as against Rs 1,713.89 crore in the corresponding quarter of the previous fiscal.
"This is primarily due to increased depreciation cost on account of commissioning of Aseptic Packaging Plant and higher tax outgo," the company said in a statement.
Total expenses were up by 6.48 per cent to Rs 1,730.15 crore as against Rs 1,624.72 crore.
For the entire 2017-18, Uflex's net profit was down 10.89 per cent to Rs 310.48 crore, compared to Rs 348.46 crore in 2016-17.
Its total income stood at Rs 6,808.53 crore as against Rs 6,525.29 crore in 2016-17, up 4.34 per cent.
Meanwhile, the company in a statement, also informed that for the financial year 2017-18, its board has recommended a dividend of 20 per cent.
Shares of Uflex today settled 4.97 per cent higher at Rs 286.45 apiece on the BSE.
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