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Uflex Q3 net down 6.9% at Rs 74 crore

The company had posted a net profit of Rs 79.21 crore during October-December quarter a year ago, Uflex said in a statement.
Feb 13, 2017 / 12:38 PM IST
 
 
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Packaging company Uflex has reported a 6.88 percent decline in consolidated net profit at Rs 73.76 crore for the December quarter due to higher tax outgo.


The company had posted a net profit of Rs 79.21 crore during October-December quarter a year ago, Uflex said in a statement.


Its total income was up marginally 0.91 percent to Rs 1,495.90 crore during the quarter under review as against Rs 1,482.31 crore earlier.


"This was a moderate quarter for us. Our bottom line has been affected because of the tax provisions being higher in comparison with the corresponding period," Uflex Group President (Corporate Finance and Accounts) R K Jain said.


"Our topline has grown as sales volume has grown by 9 percent during this quarter and revenue has been muted because of reasons such as prices being low compared to the corresponding period.


"EBITDA has grown by 6 percent and earning before tax has grown by 7 percent. Its only the tax impact which has impacted net profit by 6 percent," he added.


Total expenses were down 0.19 percent to Rs 1,364.53 crore in the third quarter as against Rs 1,367.22 crore earlier.


There was a foreign exchange loss of USD 13.30 million (net of tax) equivalent to Rs 88.42 crore, incurred by the Flex P Films (Egypt) SAE, as a result of the devaluation of the Egyptian Pound by the Central Bank of Egypt on November 3 and the permitted treatment of foreign exchange loss on transactions dominated in Egyptian currency, the company added.


It added that it "has been taken directly to the consolidated interim statement of comprehensive income as other comprehensive loss".

Shares of Uflex were trading at Rs 269.25 on BSE in morning trade, down 1.21 percent from their previous closing.

first published: Feb 13, 2017 12:38 pm

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