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Piramal Glass continues growth momentum

* Revenues up by 22 percent to Rs 858 million.

* Gross Profit up by 27 percent to Rs 198 million with net profit of Rs 28 million

Piramal Glass Ceylon PLC (PGC), a manufacturer of glass containers for speciality food and beverages, pharmaceuticals, agro, liquor and wine as well as cosmetics and perfumery have reported profit for this quarter too, after the turnaround it achieved in the second quarter of the financial year 2010.

CEO and Executive Director Sanjay Tiwari said "Net sales for the quarter ending March 31, 2010 grew by 22.4 percent to Rs 858.24 million.

Gross profits up by 24.5 percent to Rs 198.29 million, Profit before Interest Depreciation and Tax (PBIDT) by 32.3 percent to Rs 254 million.

The net profit for the period was Rs 28.23 million as compared to a loss of Rs 54.26 million for the same period in previous year."

The total increase in sales during the quarter was mainly due to two fold increase in the export segment.

The Domestic market showed positive signs during the quarter reflecting a growth of 4 percent.

The total revenue for the year ending March 31, 2010 grew by 19.8 percent to Rs 3,518.7 million. The Gross profit [GP] ratio increased to 25.7 percent this year as against 20.1 percent in the previous year. The company achieved GP of Rs 903.8 million for the Year as against Rs 590.4 million in the previous year reflecting a growth of 53.1 percent. The PBIDT increasing to Rs 1,042 million in FY 2010 as against Rs 801 million of the previous year reflected a 30 percent growth. Net loss for the FY 2010 was lower at Rs 61.09 million as compared to the loss of Rs 260.94 million in FY 2009.

Tiwari said the company has focussed on exports and the 175 percent growth in exports has been very encouraging and is an endorsement of the confidence reposed by international customers for our products. Increase in LPG prices, other input costs had an adverse impact on the profitability of the company.

Due to the increase in sales, the company attained an economy of scales.

The future focus apart from exports is on niche "High valued colour segment." PGC is the only player from Asia to have this facility of multiple colouring on the bottles.

Piramal Glass Ceylon has established itself as a significant player in Sri Lanka's economic landscape and would now look towards strengthening its position in the global market.

"Our Vision is to be the most preferred glass packaging provider in Asia," Tiwari said.


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