Piramal Glass doubles profit at Rs 141 million in 1Q
Piramal Glass Ceylon PLC (PGC), manufacturer of glass containers for
all segments of glass packaging, announced record profits for the eighth
consecutive quarter.
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President Mahinda Rajapaksa presenting the Presidential Export
Award to Piramal Glass CEO Sanjay Tiwari. |
Piramal Glass CEO Sanjay Tiwari said the company has commenced the
year with a strong financial performance by achieving a net profit of Rs
141 million in the first quarter of the Financial Year 2012 as against a
net profit of Rs 53 million during the corresponding period of the
previous year, depicting a growth of 166 percent”.
Tiwari attributed the company’s growth to the improvement in
operational efficiency which led to Gross Profit Margins increasing from
26 percent in Q1 of Financial Year 2011 to 28 percent in Q1 of the
Financial Year 2012.
“The sales growth of 27 percent has set a positive trend to this
remarkable performance.
The growth displayed in the Domestic market continues to look strong
and has shown a 32 percent growth from Rs 621 million to Rs 823 million.
In fact during the last two years the growth has been in excess of 30
percent”, Tiwari said. Export markets grew by 14 percent from Rs 247
million to Rs 282 million, as against the similar period of last year.
This was attributed to the fact that Exports were in a niche high end
market, hence higher realisation.
“Our overall performance both in domestic markets, as well as niche
export markets, are an endorsement of the journey undertaken by the
company with a vision of being ‘The most preferred Speciality Glass
Packaging solutions provider in Asia by meeting customer expectation
through innovative designs and manufacturing’”, PGC Chairman Vijay Shah
said.
PGC was the recipient of the Presidential Export Award for the value
added mineral and mineral based products for 2009. |