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Asahi India Glass posts quarterly loss

NEW DELHI, July 30 (Reuters) - Asahi India Glass Ltd AISG.BO posted a quarterly loss, hurt by foreign exchange fluctuations and a hike in fuel prices, it said in a statement on Wednesday.

Asahi, which makes glass for automobiles and buildings, posted a net loss of 408.9 million rupees for the Apr-June quarter from a year-ago profit of 207.2 million rupees, on standalone basis.

The firm’s foreign exchange losses for the quarter stood at 543.4 million rupees. In the year ago period it had a forex gain of 471.7 million rupees.

A Reuters poll of analysts had forecast a quarterly loss of 72.50 million rupees.

“The Indian economy shows some signs of reduced growth, creating a challenging environment,” Managing Director Sanjay Labroo said in a statement.

On a consolidated basis, net loss for the current quarter stood at 428.5 million rupees from a year-ago profit of 200.9 million rupees. Net sales rose 44 percent to 3.24 billion rupees. Asahi India Glass is a joint venture between the Labroo family, Asahi Glass Co Ltd 5201.T of Japan, and Maruti Suzuki India Ltd MRTI.BO. Shares of the firm were up 0.29 percent at 52 rupees in a firm Mumbai market. (Reporting by Rakesh Sharma; editing by Sunil Nair)

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