Piramal to triple exports

Piramal Glass Ceylon PLC, a leading glass manufacturer and exporter aims to triple its export volume this year by venturing into new markets.

The company exported a volume of around 7,000 tonnes consisting of over 25 million bottles to India, Australia, Europe and South Africa.

Chairman Piramal Glass, Vijay Shah said the product portfolio of exports has widened with inroads made to the food and beverage sector. The company portfolio of exports consists of liquor, beer, food and soft drinks in varying shades and sizes.

Shah said the company performed well during the first year of operation at the new plant in Horana which is a `green field' project.

"Despite many challenges the company has doubled its production capacity through five operation lines. The company increased its manufacturing capacity from around 120 tonnes per day to over 250 tonnes a day", he said.

CEO, Executive Director Piramal Glass, Sanjay Tiwari said with peace and stability restored a new business environment has been created which will contribute to enhance investments in all sectors.

Piramal Glass achieved a sales value of Rs. 2,936 million against the previous year's sales of Rs. 2,014 million, a growth of 46 percent.

As against the profits of Rs. 49 million in the previous year, a loss of Rs. 261 million was reported during the year under review. The company succeeded in maintaining a 20 percent GP margin as against 22 percent in the previous year. "Piramal will focus on a niche market in the high valued colour segment which will be explored by capitalising on the production of different shades of bottles in the colouring facility", Tiwari said. LF