Middle East sales will improve in short run: Everest Kanto

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Middle East sales will improve in short run: Everest Kanto

Prem Khurana, chairman and managing director of Everest Kanto says, there was an impact in the Middle East market. "We are sure our Middle East sales will improve in the short run,” he adds.

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Everest Kanto has declared its third quarter results. The company's net loss stands at Rs 22 crore versus profit of Rs 23 crore on year-on-year (YoY) basis. Its net sales are at Rs 143 crore versus Rs 197 crore.

Prem Khurana, chairman and managing director of Everest Kanto says, there was an impact in the Middle East market. "Middle East is our best market. That has created a lot of problem. We are hoping it to pick up. Also, now we have started selling to the other countries like Columbia and North America. We have opened the office even in Europe. We are sure our Middle East sales will improve in the short run," he adds.

Around 39% of the company's revenues use to come from Dubai and now that has fallen to 19%. Khurana says, the sales will improve, but it will take some time to get back to 39-40% level. "We are very sure in maybe one or two quarters we will be back again," he adds.