Piramal Glass Ceylon posts Rs. 316 mn PAT for 1H | Daily News

Piramal Glass Ceylon posts Rs. 316 mn PAT for 1H

Piramal  Glass Ceylon PLC posted revenue of Rs. 3,560 million and a Profit After  Tax (PAT) of Rs. 316 million for the half year ended September 30,  2020.

This was against the revenue of RS 3,527 million and PAT of Rs 95 million during the corresponding period in the previous year.

The  year started under a lockdown situation in the country due to Covid -19  pandemic. The operations commenced with 25% capacity producing glass  containers for essential commodities for Food & Pharmaceutical  customers. The operations were back to normal only by mid-May leading to  a setback in Q1.

However,  the demand started improving from 2nd quarter of the current financial  year   and we were able to generate revenue of Rs 2,230 million as  against Rs 1,942 million of the previous year reflecting a growth of  14.8%. The Profit after Tax stood at Rs 360 million for the quarter  ended September 30, 2020 as against Rs 74 million during the  corresponding period in the previous year.

The  domestic market witnessed a growth of 20% with sales of Rs 1,560  million as against previous year similar period revenue of Rs 1,291  million.

The  demand for packaged food witnessed a steep rise due to panic buying by  households resulting in higher sales of food jars in the domestic  segment during the period under review. The demand for Pharmaceutical  & Agro industries also showed a healthy upward trend.

The  export sale is marginally ahead in FY21 2nd Quarter with Rs 670 million  as against Rs 651 million of the corresponding period during the  previous year. The export sale is achieved despite limitations in vessel  availability for major markets. Even shipments to nearby markets such  as India & Pakistan were impacted.

The  company also made inroads in new markets such as the UK, Mexico,  Colombia & Netherlands with Food jars & high-end liquor bottles.

“We  are hopeful to sustain and further improve the performance, as there is  a healthy pipeline for new products and new customers in the  international markets. Even the demand from domestic customers remains  strong,” said Sanjay Jain – Executive Director & COO.

The  company achieved a gross profit of 24% at Rs 528 million for the F21 Q2  as against 19% at Rs.368 million in the corresponding period previous  year, which reflects a growth of 43%.

The  half year closed with a PAT of Rs.316 million as against Rs.95 million  of the previous year similar period reflecting earning per share of  Cents 0.33 as against cents 0.10 in the previous year .

Piramal Glass Ceylon (Formerly Ceylon Glass Company) is the only Glass Bottle Manufacturing plant in Sri Lanka.