Mumbai, Feb 8 (IANS) Packaging firm Uflex reported a decline of 29.41 percent in its consolidated net profit for the third quarter of the current fiscal, at Rs.36.2 crore from Rs.51.2 crore on a year-on-year basis.
According to the company, its consolidated total income, increased by 14.70 percent at Rs.1,295 crore from Rs.1,129 crore reported in the corresponding quarter of 2011-12.
The company said that its highest revenue growth is attributed to new capacity expansion globally and increased uptake of flexible packaging solutions offered by the company across sectors.
"The market conditions for the plastic film has been unfavourable during the current financial year, causing having downward pressure on prices and margins thereof," said Ashok Chaturvedi, chairman and managing director, Uflex said in a statement.
"However, conditions have started showing some improvement from February 2013 and there are hopes that it will show up better in the coming time. We are quite confident that FY 2013-14 would witness far better results."
The firm is a major in flexible packaging manufacturing of plastic film and packaging products providing.