Piramal Glass declares half-year results

Piramal Glass Ceylon PLC has successfully completed the first half of FY20 with its revenue crossing Rs.3.5 Bn mark & PAT of Rs. 95 million.

The half-yearly turnover stands at Rs 3,527 Mn contributed by Rs. 2,476 Mn from the Domestic Market & Rs. 1,051 Mn from the International Market.

The Sales for the quarter under review showed a growth of 3% from Rs. 1,877 Million to Rs.1, 942 Million. This growth came in primarily from the domestic market, which grew 14% over corresponding previous year. All product categories showed an improvement, but the growth in liquor segment is significant. After a gap of 3 years, domestic markets are indicating positive trends. Due to the local demand, few export orders are deferred to the next quarter.

Export sales for the Quarter was Rs. 659 Mn as against Rs. 757 Mn of the previous year. During the period, company launched a premium Liquor bottle for India market and a green colour water bottle for Maldives market. The quarter witnessed sampling of few new products for new markets, which shall be commercialised in the second half of the year. The company expects to enter in Premium Liquor Speciality segment with these new products.

The Gross Profit for the Quarter increased from 10% in Q2 FY19 to 19% in Q2 FY20 and the Gross profit at Half Year was at 17% as against 14% in the 1st half of previous year.

The operating Profit margins too saw a significant increase from 4% to 10% during the Quarter under review when compared with the similar quarter in FY19. The half year operating profit was at 9% when compared to 7% of the 1st half of FY19. The PAT at Half year showed a marked improvement at Rs. 95Million as against Rs. 38Mn of the previous year similar period.


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