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New Delhi, Jan. 28 Automotive and construction glass maker, Asahi India posted a loss of Rs 21.34 crore in the third quarter ended December against net loss of Rs 3.15 crore for the corresponding quarter the previous fiscal. The company attributed the increase in losses to currency fluctuation and higher raw material costs.

However, the company’s net sales increased marginally by 7 per cent to Rs 276.41 crore (Rs 258.54 crore).

“The performance of the last quarter was impacted due to the global slowdown and its repercussions on the Indian economy. The major customer segments of AIS – automotive and construction – were directly hit leaving its impact on the performance of AIS.

The volatility of the exchange rates coupled with the increase in interest costs on short term working capital borrowings continues to dent our profits considerably,” said Mr Sanjay Labroo, Managing Director and CEO, Asahi India, in a statement.

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