Piramal Glass records Rs. 654 m PAT

Piramal Glass Ceylon PLC (PGC) recorded a profit after tax (PAT) of Rs. 654 million, and also the highest ever turnover of Rs. 6,755 million for the financial year ending March 31, 2016, according to a company statement.

The Board of Directors proposed a dividend of 35%, maintaining its consistent policy of dividend pay-out ratio.

Revenue achieved for the year was Rs 6,755 million depicting a growth of 17% as against Rs. 5,792 million of the previous year. The revenue growth was mainly contributed by the domestic sales which saw a significant growth of 23% from Rs. 4,422 million to Rs. 5,436 million. The major portion of growth was backed by food and beverage segments.

The export market remained constant for the year under review as the focus was to service the growth in the domestic market. Some mid mass export orders were deferred to make available capacity for the domestic production. Yet amidst these constraints it was motivating to see several new products being designed and launched in the USA market. In the Export portfolio USA is now among the top three export destinations of PGC.

The F16, Q4 reflected a marked improvement against that of the corresponding quarter in F15 due to exceptional sales during the festive season. Sales during the quarter grew by 18% from Rs. 1642 million to Rs. 1,938 million of which domestic sales and exports were up by 21% and 6%.

There were unforeseen interruptions in the production processes due to the ageing furnace. However, the company serviced the increased domestic demand by stretching production and temporarily resourcing through trading even though it is not economically attractive.