Piramal Glass Ceylon PLC (PGC) has recorded its nine-month results for the Financial Year 2014-15 with a 7% growth in turnover from Rs. 3,864 million in FY14 to Rs. 4,150 million in FY15 with Rs. 231million PAT compared to Rs. 222 million in 2014 (which includes a profit of Rs.100 million from the sale of land).
The domestic market showed a growth of 16% during the quarter mainly due to the festive season. The sale during the quarter ended December 31, 2014 was Rs. 1,116 million as compared to Rs. 967 million for the corresponding period of previous year.
Export sales saw an increase of 13% to Rs. 476 million in the quarter under review from Rs. 422 million in the previous year. The gross profit for the quarter was Rs. 215 million as compared to Rs. 189 million in 2014 - Q3, a growth of 14%.
The gross profit for the nine months ended December 31, 2014 was Rs.708 million as against Rs.621 million of the previous year, reflecting a gross profit ratio of 17% as against 16% in the previous year.
The growth in absolute value terms of gross profit was due to the growth of domestic and export markets.
The main contributor towards export growth was the Australian market. This additional sale was possible due to the significant improvements achieved by ensuring the stringent quality parameters set by international customers.
In the domestic market too, growth was seen in some segments such as non-traditional bottles.
Yet the beverage segment remained stagnant. Despite the considerable increase in sales volumes and the improvements in production efficiencies, a substantial increase was not seen in profitability figures due to the high cost parameters.