Piramal Glass posts YTD turnover crossing Rs 5B in Q3
For the nine months ended 31 Dec, 2016 the overall turnover crossed Rs 5 B mark.
The total turnover showed a growth of 6% from Rs 4,817 million to Rs 5,108 million. This was contributed by 7% growth in domestic sales from Rs 3,888 million to Rs 4,149 million and 3% increase in export sales to Rs 929 million from Rs 959 million.
During the year, the company's export portfolio has showed a marked increase in its sales to USA.
The Profit Before Tax for the nine months period was Rs 352 million as against Rs 576 million in the similar period in the previous year .
The major reasons for lower profitability are :-
• The long-term loan interest cost has yet again started rising from this quarter onwards due to the long-term loan of Rs 3 billion obtained for the relining.
• The plant was inoperative for two months due to relining and hence a major portion of the domestic sale was done through trading. Though margins are low we were compelled to resort to trading to ensure continuity of supply to our customers.
• The continuous upward trend of LPG prices has a major impact on the cost of production. The company current LPG prices are linked with Saudi Aramco and forex rates (Us dollar to LKR ) .
For Q 3 ended 31 December 2016 , the sales was Rs 1,979 million which is an 11% growth over the previous year similar period turnover of Rs 1,778 million. During the quarter the domestic market showed a growth of 12% from Rs 1,391 million to Rs 1,563 million whilst the export market growth was 8% from Rs 387 million to Rs 416 million.
All sectors contributed positively whilst food and beverage segment continued to dominate the sale.
This is the first quarter in operation after the company plant shutdown of two months for its capacity enhancement and upgradation.
The sales growth for the quarter was mainly contributed by the domestic market. The positive sentiments that was experienced throughout the year remained during this festive season as well.
The company has been lobbying with regulatory authorities to bring down the energy prices specifically furnace oil, in line with world crude oil prices and also to introduce formula pricing as in case of LPG.
About Piramal Glass:
Piramal Glass Ceylon (Formerly Ceylon Glass Company) is the only glass bottle manufacturing plant in Sri Lanka. It had the opportunity of coming under the umbrella of Piramal Group in 1999. Presently Located in Horana, it has been in existence for over 55 years. The company, originally at Rathmalana was relocated at Horana in 2007 as a BOI venture. PGC at its manufacturing facility has the capability to offer glass containers in different shapes and colours for multiple industries such as food, liquor, pharmaceutical, agro chemical and soft drinks.
About Piramal Group:
The Piramal Group led by Ajay G. Piramal is one of India's foremost business conglomerates. Driven by the core values of Knowledge, Action, Care, the Piramal Group has a formidable presence in healthcare, drug discovery & research, glass, real estate and financial services. The Piramal Group also pursues sustained community activities in healthcare, education, emergency medical services, and heritage restoration.
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