Ceylon Glass profit after tax grows 10 % to Rs. 186m

Ceylon glass company Limited (CGCL) reported a growth of 19% in the top line over the previous year. The revenue for the year is Rs. 1,857 million as against the previous year's revenue of Rs: 1,555 million. Profit after Tax (before impairment) for the year was Rs.186 million, representing a growth of 10%.

In the domestic market, CGCL achieved Sales growth of 15 % over the previous year. During this period, CGCL launched seven new products, which were successfully commercialised. This includes the new category of "Light Weight" one-way bottles, which is the current trend in the packaging industry. On the Exports front, CGCL registered a growth of 212% over the previous year.

This growth is a reflection of the initial benefits realised by the Company from its strategy of focusing on the International market, along with increasing its product range in the domestic market.

The major contributor to this Exports growth was the launch of different shades of coloured wine bottles.

The Company recently launched a new version of "Screw Cap" bottles for the wine Industry, and has secured approval from International Packaging Companies. The recent trend from cork finish cap bottle to screw cap bottles is a major shift in the wine industry. CGCL has secured orders for screw cap wine bottles from major wineries in India, along with orders for the regular variety, ie cork finished cap bottles.

CGCL competes against competition from multi-national companies in this field said CGCL CEO and Director S. Tiwari.