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 / 2775 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

Budget has a welcome focus on the rural economy

29 June 2017

 The wellbeing of the people of this country is closely linked to the rural areas which have approximately 75% of the population. The rural economy encompasses all of our agriculture, and related activities, and fishing, and a raft of various...

Venerable rabble

28 June 2017

“If the field was not fertile, the crop would be poor, and the farmer must naturally be unhappy about it. If the Sangha was impure, the charity bestowed on them would bring poor results, and the donors must naturally be unhappy about it. Thi...

Is the Government becalmed?

28 June 2017

Almost two years into its term, it is difficult to explain away the current Government’s lack of achievements on the economic front. I count the term of the Government from August 2015, rather than January 2015, because the focus in the exte...

Saman Kelegama: Even the blood running through his veins is oriented to economics

27 June 2017

The bearded economist who saw shortcomings of Sri Lanka’s liberalisation move My association with Dr. Saman Kelegama, Executive Director of the Institute of Policy Studies or IPS, dates back to the early 1990s when I had the opportunity to...

Columnists More