Piramal Board proposes 23 percent dividend
In the backdrop of the successful completion of its operations during
the financial year F15, the Board of Directors of Piramal Glass have
proposed a 23% dividend keeping its consistent policy of 50% dividend
pay-out ratio.
The F15 Q4 saw a marked improvement against that of the similar
quarter in F14. The sale grew by 21% from Rs. 1,356 million to Rs. 1,642
million while the domestic sales for the quarter saw an increase of 25%
and exports 8%.
The gross profit for the quarter was Rs. 409 million and the PAT
achievement was Rs. 208 million as against Rs. 68 million for the
corresponding period of the previous year.
With this exceptional fourth quarter performance due to the Sinhala
Tamil New Year, the company closed a successful year with an overall
turnover of Rs. 5,792 million depicting a growth of 11% against the
preceding year's turnover of Rs. 5,220 million.
The domestic market saw a marked improvement during the year under
review. It crossed an annual sale of Rs. 4 billion with a growth of 17%
which was mainly contributed by the food and beverage segment.
The export market too thrived with the company entering into several
new markets - USA, Philippines, Israel, Nepal and Kenya.
At present they are in small quantities which we are anticipative
would grow in volumes in the future.
We developed several new products in the international market despite
having to curtail export volumes to give preference to the commitment to
the seasonal domestic demand.
The operating profit for the year was Rs. 635 million as compared to
the previous year's Rs.390 million (excluding profit from land sale).
The profit before tax was Rs. 508 million as against Rs. 289 million
of the previous year.
The operational achievements was partly marred by the furnace oil
rate which still has not been rectified as per the international rates.
This would create much hardship in the long run for the company as it
does not create a level playing field for PGC with its international
competitors. |
