Piramal Glass maintains profit

Piramal Glass Ceylon PLC (PGC) recorded its First Quarter profits for the financial year 2012-13.

The Company maintained its profitability in line with the corresponding quarter of the previous year (FY 2011-12) despite the adverse conditions it had to face during the period under review. The Company registered a growth of 15 percent in its total revenue of Rs 1,274m.

This increase was possible mainly due to the export growth of 27 percent compared with that of the same quarter of the previous year. However, liquor and the pharmaceutical sectors showed a dip during this quarter. The gross profits remained at 28 percent of turnover despite the value growth of Rs 168 million in the top line.

The profit before tax fell from 13 percent to 12 percent during Q1 of FY13 compared to Q1 of FY12. The profit during the Quarter was mainly impacted by the high energy prices and the exchange losses incurred on the long-term US Dollar loan. The energy cost during the quarter grew by 41 percent with furnace oil taking the lead with a price increase of almost 80 percent.