Piramal Glass Ceylon records 1H turnover of Rs. 2,558 m, PAT of Rs. 170 m

Wednesday, 22 October 2014 00:01 -     - {{hitsCtrl.values.hits}}

Piramal Glass Ceylon PLC (PGC) has announced its first half year results for financial year 2014-15, with a marginal 3% growth in turnover from Rs. 2,476 million in FY14 to Rs. 2,558 in FY15 with PAT of Rs. 170 million as compared to Rs. 377 million in F2014 (which includes a profit of Rs. 267 m from land sale). The positive trend in the domestic market continued during the second quarter with an increase of 18% being achieved. The quarterly domestic sale was Rs. 1,036 million as compared to Rs. 875 million of the similar period of previous year. Exports stood at Rs. 275 million for the quarter under review. Gross profit for the quarter increased from 14% in Q2 F 2014 to 18% in Q2 F 2015 whilst the gross profit at half year was at 19% as against 17% in the first half of the previous year (excluding profit from sale of land). The operating profit margins too saw a significant increase from 6% to 10% during the quarter under review when compared with the similar quarter in FY14. The half year operating profit was at 11% when compared to 8% of the first half of FY14. The company continued its upward momentum in productivity by surpassing the production volume during this half year as against that of the corresponding period of the last financial year. Thus, amidst the substantial cost escalations productivity increase, that helped the company to better its profitability as against the similar period of last year. These production milestones were possible due to the high concentration the management has put on the initiative of the Manufacturing Excellence program it has established in the plant. The glass manufacturing facility at Horana achieved level 3 status of Manufacturing Excellence status after undergoing a series of very challenging audits. Piramal Glass contribution towards the exports of Sri Lanka was recognised at the National Chamber of Exporters awards ceremony with the company bagging two awards, the Gold Award for Exports in Industry – Extra Large Sector and Gold Award for the Most Outstanding Exporter in Industry Sector.