Piramal Glass Ceylon records Rs. 3 b revenue, Rs. 287 PAT in 1H

Piramal Glass Ceylon PLC has successfully closed the 1st half of F2016 with revenue growth of 19% to Rs. 3,040 million and PAT growth of 67% to Rs. 287 million against the previous year similar period.

The sales for the quarter under review showed a growth of 15% from Rs. 1,291Million to Rs. 1,491 million. This was made possible due to the domestic market which continued with its positive momentum with a growth of 22% over Q2 of previous year. All sectors showed a marked improvement whilst the food and beverage contributed significantly.

The export market achieved Rs. 252 m during the period under review as against Rs. 276 m during the similar period of previous year. As a strategy the company is continuously churning the export market shift from mid mass to premium thereby utilising the capacities towards servicing the 100% requirements of the domestic market and remain active player in the export premium and value added segment.

Yet during the period the PGC exports have launched several new bottles in the USA market. Presently the USA remains the second largest exporting country in the company’s product portfolio. 

The operating profit (PBIDT) for the second quarter grew by 18% to Rs. 329 million.

Profit after tax for the quarter ended 30 September 2015 stood at Rs. 141 million as against Rs. 84 million in the corresponding period previous year. At half year the company achieved a domestic sale of Rs. 2,497 m as against Rs. 2,031 m of previous year with a growth of 23%

The export sales stood at Rs. 543 m as against Rs. 527 m of previous year with a growth of 3%.

The operating profits (PBIDT) for the first half of the FY 2015-16 grew by 20% to Rs. 672 million as against Rs. 560 million in the similar period of the previous year.

The gross profit as at date stood at 21% as against 19% of the previous year. The continuous efforts made by the operations team to improve and enhance productivity and efficiency amidst the strict quality parameters by countries such as USA, Australia contributed much towards these figures.

The company had to increase its level of trading activities to cater to the high domestic demand. At marginal margins the company opted to import some products with the sole objective of servicing its customer. 

In the first half, Piramal Glass Ceylon PLC was able to secure the gold ward for the Fifth consecutive year at the recently concluded 23rd National Chamber of Exporters awards. The award ceremony was organized by the National Chamber of Exporters of Sri Lanka which is the premium institute looking after the interests of export community in Sri Lanka. 

The prestigious glittering award ceremony was held at the Colombo Hilton Hotel under the patronage of Minister of State for International Trade Sujeewa Senasinghe and Deputy Minister of Foreign Affairs Dr. Harsha De Silva along with the participation of a large gathering from business community.