Greenply Industries today said its net profit declined by 55.42% to Rs 5.92 crore for the fourth quarter ended March 31, 2011, over the same period previous fiscal.
The company had a net profit of Rs 13.28 crore in the same period previous fiscal.
"This was primarily due to losses incurred at the new MDF and Laminate units at Pantnagar, Uttarakhand and Nalagarh, Himachal Pradesh on account of low capacity utilisations and product-mix and foreign currency losses," the company said in a statement.
The company posted foreign currency losses of Rs 8.83 crore in fourth quarter of FY11, as compared to a gain of Rs 2.76 crore in the fourth quarter of FY10.
Net sales of the company rose to Rs 348.76 crore for the fourth quarter, compared to Rs 257.84 crore in the same period previous fiscal, Greenply Industries said in a statement.
The company's net profit for the year ended March 31, 2011 stood at Rs 25.09 crore, as against Rs 49.57 crore in previous fiscal.
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"We have achieved a growth of 35% in the company's existing plywood and laminates business during the fourth quarter and we expect better results in future on achieving optimum utilisations and superior product value-mix in new MDF and Laminate plants," Greenply Industries Managing Director Rajesh Mittal said.
The company's net sales for the year stood at Rs 1,216.09 crore, as compared to Rs 871.41 crore in the previous fiscal.
On a consolidated basis, the company's net sales stood at Rs 1,258.67 crore.
Shares of Greenply Industries ended at Rs 191 on the Bombay Stock Exchange, up 0.79% from its previous close.