Piramal Glass continues upward momentum

Piramal Glass Ceylon PLC has announced its results for the 1st Quarter of F2016 with Rs. 1,523 million of Revenue and Rs. 147 million of PAT showing a positive growth in Operating Profit and at PAT level when compared with the profitability of F2014

The total revenue generated during the quarter showed an overall growth of 22% as against the F 2014 Turnover of Rs.1,245 mn.

The positive momentum achieved in the Domestic market last year continued this year too with the quarterly growth depicting 24% as against the F15 Q1. The Domestic sale of F 16 Q1 was 1,233 as against Rs. 994 mn of previous year Q1 sale. The main contributors towards the growth were the Food & Beverage sector.

The investment the company intends to do early next year in improved infrastructure and technological enhancement would create more flexibility and variety to the jar range in the product portfolio which would further facilitate the virgin oil industry.

The Export market sale was Rs. 290 mn as against Rs. 251 million of the previous year, displaying an increase of 15%. The Company had to curtail some exports to facilitate the domestic market requirement.

Thus the real potential of the international market was not exploited to its fullest. The company concentrated on the high value niche products and reduced on the mass market volumes.

The Gross Profit saw a marginal increase from 21% in Q1 F 2015 to 22% in Q1 F2016, whilst operating profit improved from 11% in 1st Quarter of F2015 to 13% during the quarter under review.

"Though many appeals have been made regards the price disparity by PGC and via the industry, we are yet to see a positive response from the relevant authorities. We are expectant and hopeful that this aspect would be looked at seriously and that justice would be done to the industry", said MD and CEO of PGC.