Piramal Glass turnover Rs 5.5 bn,

Piramal Glass Ceylon has concluded yet another successful year and declared its results for the year ended 31st March 2013.

Sanjay Tiwari and Piramal manufacturing facility at Horana

The record of continuous growth was established with the turnover being at Rs. 5.5 billion and the highest ever PAT being recorded at Rs.724 million. The revenue, as well as the Profit after Tax grew by 6% over that of last year. The Board of Directors has declared a first and final dividend of 38% for the year ended 31st March 2013 as against that of 36% the previous year.

The earnings per share too have increased by 6% to Rs 0.76 per share for the FY 13. Revenue achieved for the year was at Rs. 5,501 million as against Rs.5,197 million of the previous year. The main contributor towards the revenue growth was the export market with a year on year growth of 12%. The domestic market was able to sustain a value growth of 4% mainly due to the new products launched during the year. Yet the volumes in the domestic market showed a decline of 10% as against that of FY 12. CEO Piramal Glass, Sanjay Tiwari attributed this decline due to the low consumption of new bottles in the liquor segment.

This is the outcome of the importation of cheap, substandard, branded, used second hand bottles from India to Sri Lanka for consumption in the Liquor segment.

Tiwari said that their profitability was sustained mainly due to their export product portfolio. The export revenue continued to grow for the 4th consecutive year. The company has achieved an export value of Rs.1,370 million as against that of Rs. 1,225 million in FY12.

The market reach established in the Australian and New Zealand markets last year has paid dividends during the year under review.