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Piramal Glass Ceylon announces first quarter results

Piramal Glass Ceylon reported operating profit up 13% in the first quarter of FY 2015 while total revenue rose 2% to Rs. 1,245 million. Export sales fell 18% year-on-year and direct and indirect costs increased substantially during the quarter

Piramal Glass Ceylon PLC has announced its results for the first quarter of FY 2015 with Rs. 1,245 million of revenue and Rs. 86 million profit after tax (PAT) showing a growth of 13% in operating profit and 41% growth at PAT level when compared with the profitability of FY2013 (excluding profit from sale of land).
Total revenue generated during the quarter under review stood at Rs. 1,245 million against Rs.1,233 million depicting a 2% overall growth.
“We were happy to note that the domestic sales in Q1 showed positive signs with a growth of 8% by achieving Rs.994 million during the current quarter as against Rs. 916 million of the previous year similar quarter”.
The Export Market sale was Rs. 251 million as against Rs. 307 million of the previous year saw a decline of 18%. The Exports to Indian market which was affected during the past few quarters due to the currency fluctuation in India has recovered to some extent and the company was able to achieve its expected sales in India.
The Gross Profit saw a marginal decrease from 22% in Q1 F2014 to 21% in Q1 F2015, while the operating profit increased from 10% in first quarter of F2014 to 11% during the quarter under review.
The company saw a substantial increase in the direct and indirect costs during the quarter.The main increases were seen in Raw Material and Packing Material costs which have directly impacted the production cost and the gross profit margins.
The Finance Cost also showed a 41% reduction from Rs. 54 million in the 1st quarter of F 2014 to Rs. 32 million in the first Quarter of F 2015 due to a decline in interest rates and the settling of most of the long term loan debts.

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