Piramal Glass posts Rs 231m PAT
Piramal Glass Ceylon PLC (PGC) has recorded its nine-month results
for the Financial Year 2014-15 with a 7% growth in turnover from Rs.
3,864 million in FY14 to Rs. 4,150 million in FY15 with Rs. 231million
PAT compared to Rs. 222 million in 2014 (which includes a profit of
Rs.100 million from the sale of land).
The domestic market showed a growth of 16% during the quarter mainly
due to the festive season. The sale during the quarter ended December
31, 2014 was Rs. 1,116 million as compared to Rs. 967 million for the
corresponding period of previous year.
Export sales saw an increase of 13% to Rs. 476 million in the quarter
under review from Rs. 422 million in the previous year. The gross profit
for the quarter was Rs. 215 million as compared to Rs. 189 million in
2014 - Q3, a growth of 14%.
The gross profit for the nine months ended December 31, 2014 was
Rs.708 million as against Rs.621 million of the previous year,
reflecting a gross profit ratio of 17% as against 16% in the previous
year.
The growth in absolute value terms of gross profit was due to the
growth of domestic and export markets.
The main contributor towards export growth was the Australian market.
This additional sale was possible due to the significant improvements
achieved by ensuring the stringent quality parameters set by
international customers.
In the domestic market too, growth was seen in some segments such as
non-traditional bottles.
Yet the beverage segment remained stagnant. Despite the considerable
increase in sales volumes and the improvements in production
efficiencies, a substantial increase was not seen in profitability
figures due to the high cost parameters. |