Kolkata, May 16 (PTI) Century Plyboards (I) Ltd, despite higher sales, today announced a drop in net profit by 36 per cent to Rs 35.72 crore in the Q4 period ended March 2018 against the corresponding period profit of Rs 55.91 crore. Also Read - Star Cement's 3 promoters sell stake worth Rs 182 cr

In a statement, the company said the profit was low for two reasons: additional depreciation impact of Rs 28.66 crore for its capital intensive MDF plant for which full year revenue is yet to come, and forex loss impact of Rs 24.74 crore during the quarter. Also Read - Century Plyboards Q2 net profit down 18% at Rs 40 cr

Net revenue from operations for the quarter was Rs 544.13 crore, an increase of 11.4 per cent over Rs 488.54 crore in the corresponding period of 2016-17. Also Read - Plywood industry hopeful of GST respite

The Board today declared a dividend of Re 1 per share for FY18.

Century Ply chairman Sajjan Bhajanka said, “We are now ready to move on the growth path with consolidation. After two years of intense expansion through the newly constructed MDF plant, Particle Board Plant, 60% addition in laminates capacity and a new plywood unit at Guwahati, we are looking forward for a 25 per cent growth in revenue and profitability.”

This is published unedited from the PTI feed.