hindusthan natl glass & indu (HNGI) Snapshot

Hinsdusthan National Glass & Industries Limited has established an equal joint venture partnership with Trakya Cam Sanayii AS for jointly pursuing the float glass business in India, under the aegis of HNG Float Glass Limited (HNGFL). The two sides had signed a joint venture agreement (JV A) on January 10, 2013 with the intention of pursuing and developing the float glass manufacturing business in India, value added processed float glass including high performance placing giass and Automotive glass segment. The parties having complied with the relevant conditions precedent under the JVA, the joint venture transaction has now been consummated. As part of the transaction, Trakya has aiso acquired IFC Washington's 12.36% stake in HNGFL. Post consummation, Trakya owns 50% stake in HNGFL, and Ore stake of HNG Group stands reduced from c.88% to 50%.

The board of directors of Hindusthan National Glass & Industries Ltd. has proposed a dividend of INR 0.10 i.e. 5% per equity share for the year 2012-2013, out of the accumulated reserves of the company subject to receipt of necessary approvals required for the purpose.

Hindusthan National Glass & Industries Ltd. reported audited standalone and consolidated earnings results for the fourth quarter and full year ended March 31, 2013. For the quarter, the company's net sales were INR 4,969.6 million against INR 5,168.2 million a year ago. Loss from ordinary activities before tax was INR 1,159 million against profit from ordinary activities before tax of INR 192.3 million a year ago. Net loss was INR 844.4 million or INR 9.67 basic and diluted per share against net profit of INR 305.8 million or INR 3.50 basic and diluted per share a year ago. For the year, the company's net sales were INR 18,107.1 million against INR 18,784.2 million a year ago. Loss from ordinary activities before tax was INR 2,461.9 million against profit from ordinary activities before tax of INR 950.5 million a year ago. Net loss was INR 1,718 million or INR 19.67 basic and diluted per share against net profit of INR 908.6 million or INR 10.40 basic and diluted per share a year ago. For the year, on consolidated basis, the company's net sales were INR 20,444.4 million against INR 20,153.2 million a year ago. Loss from ordinary activities before tax was INR 2,621.2 million against profit from ordinary activities before tax of INR 755.5 million a year ago. Net loss was INR 1,879.5 million or INR 21.52 basic and diluted per share against net profit of INR 701.1 million or INR 4.96 basic and diluted per share a year ago.