Piramal Glass Ltd announced financial results for the third quarter ended December 2008 reporting net loss of Rs 37.14 crore. The company posted losses worth Rs 1.28 crore in the same period in 2007-08.

Rising raw material cost and foreign exchange losses adversely hit its business for the reporting quarter leading to significant decline in revenue and net profit.

The cost of raw material remained at Rs 63.60 crore as compared to Rs 36.98 crore in Q3 of 2007-08 which increased its expenditures. The company suffered foreign exchange losses of Rs 27.81 crore in the reporting quarter.

It witnessed increase in income from operations to Rs 276.02 crore as compared to Rs 189.69 crore in October-December 2007. Expenditure also increased to Rs 283.50 in Q3 as compared to Rs 170.95 crore in the same period last year.

The shares of company declined to a 52-week low of Rs 40 and closed with 5.93 per cent decrease at Bombay Stock Exchange.

Meanwhile, the board of directors of company approved 7:2 rights issue of up to Rs 200 crore to satisfy its growing financial needs.