Greenply Industries Q4 net profit up by 55 percent

Kolkata, May 27 (IANS) Greenply Industries posted a 55 percent rise in net profit at Rs.13.3 crore for the quarter ended March 31, 2010 over Rs.8.58 crore logged in the like period of last year, a company statement said here Thursday.

‘We are pleased to announce that Greenply Industries is the first interior infrastructure company to achieve a consolidated turnover figure of Rs.1,007 crore,’ said Rajesh Mittal, managing director of the company.

He said the commissioning of the fourth press at the Nalagarh unit helped the company in doubling its production capacity taking it to 32 million square metres.

‘We further look at full utilisation of our production capacity during the current financial year which will be a major boost to our export plans,’ Mittal said.

The company is engaged in the manufacturing of decorative laminate, plywood, decorative veneers and medium density fiberboard (MDF).

‘We also expect our market share in the organised laminate industry to increase to about 30 percent from the present 20 percent with the establishment of this new unit,’ he added.

The company has more than 32 branches across the country and eight marketing offices.

As a brand, Greenlam is present in over 60 countries and has a strong presence in the US, Europe, Singapore, Thailand, Malaysia, and the UAE.