Home / / Piramal Glass posts Rs. 1.2 b revenue, Rs. 358 m PAT in FY141Q

Piramal Glass posts Rs. 1.2 b revenue, Rs. 358 m PAT in FY141Q

Comments / 2759 Views / Wednesday, 17 July 2013 00:12

Piramal Glass Ceylon PLC has concluded the 1st quarter of FY2014 with Rs. 1,223 million in revenue and Rs. 358 million in PAT, which included the profit from the sale of their Ratmalana land of Rs. 297 million. The sales of glass products during the first three months of FY14 was Rs. 1,223 million, which was 6% less than that of  the same period last year, i.e. Rs. 1,292 million. The domestic sale stood at Rs. 916 million as against Rs. 932 of the similar quarter of the previous year. The sales were mainly affected by the low demand in the liquor and aerated water segment. The export market sale stood at Rs. 307 million and saw a decrease of 15% as against the Rs. 360 million received in the similar quarter of the previous year. Piramal Glass Ceylon previously had its export market hub centralised around India. Yet presently with the devaluation of the Indian rupee, exports to India have become quite competitive thus, PGC has started a more focused market development in Australia, New Zealand, Mauritius etc. “Several new bottles were developed during this quarter for the Australian and New Zealand Market and we hope the results of same would be seen during the latter part of this year,” said Piramal Glass Managing Director and CEO Sanjay Tiwari. The gross profit was at 22% as against the 28% achieved during the similar quarter of the previous year. The main contributor towards this drop was the high electricity tariff increase which affected the production cost directly and indirectly due to increased raw material costs, packing material etc. The quarter-end PBT was Rs. 370 million, which included Rs. 297 million of the land sale profit. Thus, the operational PBT stood at Rs. 73 million as against the PBT of Rs. 143 million in Q1 of FY13. The transaction with regards to the part sale of the Ratmalana land was concluded during the quarter under review. The sale value stood at Rs. 355 million and the Profit gained from this deal was Rs. 297 million. These funds were used to settle part of the long term loans.

Share This Article


Today's Columnists

Ice Men – 2

25 April 2017

In 1969, Colombo Cold Stores, the popular supplier of dairy and other food items, marked its diamond jubilee by bringing out a short souvenir book titled ‘Ceylon in our Times 1894-1969’. While reporting various social/political/persona...

PR disasters: United Airlines to Meethotamulla 

25 April 2017

  In a world that is going through economic and political turmoil fuelled by inconsistent decisions coming from US President Donald Trump, we in the business world have no option but to hone our skill in mastering the art of ...

Diving into the concerns of high cost of living

25 April 2017

    Advertisements were seen in super markets during the New Year festivals, offering discounts for rice though there were concerns about the escalation of rice prices a few months ago, that led the government to impose a...

Can Meethotamulla garbage mountain direct Sri Lanka towards a green country?

25 April 2017

The collapse of the Meethotamulla garbage mountain killed unsuspecting poor and also shocked the politicians who refused to take action for decades – Pix by Shehan Gunasekara   For many families living near the ...

Columnists More