Piramal Glass reports 10 percent revenue growth
Piramal Glass Ceylon PLC (PGC), has reported a revenue growth of 10
percent from Rs. 1,369 million FY12 to Rs. 1,502 million for the quarter
ended December 31, 2012. The company maintained the Net Profit at same
level by achieving Rs. 207 million during the quarter under review.
The nine-month figures showed a turnover of Rs. 4,095 million as
against Rs. 3,760 million in the previous year. This reflected a growth
of 9 percent.
"Though we saw an impressive sales growth, there is a dip in gross
profit from 30 percent to 28 percent when compared to the nine months
under review as against the corresponding period of the previous year,
due to increase of cost of production mainly high energy prices and
increase in interest rates," said CEO and Managing Director, Piramal
Glass Ceylon, Sanjay Tiwari.
The gross profit for the period showed a marginal volume increase
from Rs. 1,133 million to Rs. 1,144 million when compared to the
corresponding period last year. The net profit for the nine months
ending December 31, 2012 was Rs. 621 million as against Rs. 589 million
for the corresponding period of last year.
The growth in sales was contributed by the export market, which grew
at 33 percent during the quarter and closing with a YTD (year-to-date),
a growth of 11 percent. Export sales grew from Rs.945 million to
Rs.1,049 million from FY12 to FY13. This was achieved mainly due to the
dominance the company displayed in the speciality bottle market which
yields high premiums.