Piramal Glass posts Rs. 287 m PAT

Piramal Glass Ceylon PLC closed the first half of F2016 with revenue growth of 19% to Rs. 3,040 million, and PAT growth of 67% to Rs. 287 million against the corresponding period of the previous year.

Q2: Sales for the quarter under review showed a growth of 15% from Rs. 1,291 million to Rs.1,491 million.

This was made possible due to the domestic market which continued with its positive momentum with a growth of 22% over Q2 of the previous year. All sectors showed a marked improvement whilst food and beverage contributed significantly.

The export market achieved Rs. 252 mn during as against Rs 276 mn during the corresponding period of the previous year. As a strategy the company is continuously churning the export market shift from mid mass to premium thereby utilising the capacities towards servicing the 100% requirements of the domestic market and remain an active player in the export premium and value added segment.

Yet during the period the PGC exports have launched several new bottles in the USA market. Presently USA remains the second largest exporting country in the company's product portfolio.

The operating profit (PBIDT ) for the second quarter grew by 18% to Rs 329 million.

The Profit after tax for the quarter ended September 30, 2015 stood at Rs 141 million as against Rs 84 million in the corresponding period previous year.

1H: At half year the company achieved a domestic sales of Rs.2,497 mn as against Rs. 2,031 mn in the corresponding period of the previous year, a growth of 23%.

The export sales stood at Rs. 543 mn as against Rs. 527mn of previous year with a growth of 3%.

The operating profits (PBIDT) for the first half of the FY 2015-16 grew by 20% to Rs 672 million as against Rs 560 million in the similar period of the previous year .

The Gross Profit as at date stood at 21% as against 19% in the previous year. The continuous efforts made by the operations team to improve and enhance productivity and efficiency amidst the strict quality parameters by countries such as the USA, Australia contributed much towards these figures.

The company had to increase its level of trading activities to cater to the high domestic demand. At marginal margins the company opted to import some products with the sole objective of servicing its customer.