Piramal Glass maintains profits with pat at 149 m in q1

Piramal Glass Ceylon PLC (PGC) has announced its First Quarter profits for the Financial year 2012-13. The Company has been able to maintain its profitability in line with the corresponding quarter of the previous year FY 2011-12 despite the adverse conditions it had to face during the period under review.

The Company registered a growth of 15% in its Total Revenue of Rs 1274 million. This increase was possible mainly due to the export growth of 27% when compared with that of the same quarter of the previous year. However liquor and the pharmaceutical sectors showed a dip during this quarter.

The Gross profits remained at 28% of Turnover despite the value growth of Rs 168 million in the top line. The profit before tax fell from 13% to 12% during Q1 of FY13 compared to Q1 of FY12.

The profit during the Quarter was mainly impacted by the high energy prices and the exchange losses incurred on the Long Term US Dollar Loan. The energy cost during the quarter grew by 41% with furnace oil taking the lead with a price increase of almost 80%. "The loss due to rupee depreciation against the US dollar for Rs 41 million is booked under administrative costs as we mark to market (revalue) the Forex loans at the end of every quarter", said CEO Piramal Glass, Sanjay Tiwari. "Due to the internal thrust on manufacturing and business process excellence, we saw a significant improvement during this period.