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Hindusthan National Glass & Industries (HNG) reduced net losses by nearly 33 per cent to Rs 53 crore for the quarter ended September 30, 2014. Net loss for the corresponding period last year stood at Rs 79 crore.
Net income during the period increased by 10 per cent to Rs 442 crore for the period between July and September this year (Rs 401 core).
Losses during the period under review were brought down mainly on on account of rise in other income.
The other income for the second quarter stood at approximately Rs 30 crore; as compared to Rs 9.45 crore, it reported in the year ago period.
According to a filing to the bourses, HNG maintained that the other income for the period ending 30th June 2014 (Q1) and 30 September 2014 (Q2), includes a profit of Rs 28 crore from sale of 2,17,80,000 equity shares of HNG Float Glass Ltd - a joint venture company; and profit on sale of land to the tune of Rs 25 crore.
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