Saturday Dec 14, 2024
Saturday Dec 14, 2024
Wednesday, 29 January 2020 00:20 - - {{hitsCtrl.values.hits}}
Piramal Glass Ceylon Plc reported its nine-month results as of 31 December 2019, revealing turnover of Rs. 5,832 million and PAT of Rs. 330 million against Rs. 5,485 million and Rs. 154 million respectively in these two categories during the corresponding period of the previous year.
The turnover for nine months of Rs. 5,832 million showed 6% growth as against the previous year’s sales of Rs. 5,485 million. Domestic sales grew by 18% from Rs. 3,362 million to 3,982 million, while a drop of 13% was seen in the export market from Rs. 2,123 million in FY19 to Rs. 1,850 million in FY20.
The third quarter ending on 31 December 2019 is always a very positive quarter for domestic sales due to the festival season. The festive sentiment, together with election fever, was apparent with the 24% growth seen in domestic sales compared to the same period of the previous year. Domestic sales were at Rs. 1,501 million as against Rs. 1,226 in the same quarter of the previous year while exports showed a 10% growth by achieving Rs. 804 million in FY20 Q3 as against Rs. 733 million in the same period of FY19 Q3.
The investment of over Rs. 1 billion made on a sixth production line during the first quarter of this financial year has started paying dividends. This line helped production to maximise its capacity utilisation and in turn to increase overall production tonnage. This additional capacity, together with the deferring of some export orders, helped create space to cater to increased domestic demand during the festive season, and also to yield maximum results.
During this quarter too the company continued with its new innovative product developments and launches in the export market in its varied colour range. A 750 ml flint bottle to fill water was launched in the UK while a 1 l bottle for juice was launched in Mauritius. An attractive cobalt blue bottle of 330 ml capacity was launched for beer, while a whiskey bottle range in various sizes of 180 ml, 375 ml and 750 ml was launched in both flint and emerald green for the Indian market.
For the quarter under review, the gross margin increased from 21% to 23% when compared with the same period of the previous year, while for the nine months ended 31 December 2019, the gross profit margin increased from 16% to 20% compared with same period of the previous year.
The PBT for nine months stood at Rs. 433 million in FY20, as against Rs. 224 million in FY19, while PAT was at Rs. 330 million, as against Rs. 154 million during the same period of the previous year.
