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.