Thu. Oct 22nd, 2020

Piramal Glass Ceylon PLC, the sole gamer in the domestic glass container market, with a substantial export presence, has actually published an extraordinary first half in the existing monetary, better than tripling its revenue to Rs. 316 million from Rs. 95 million made a year formerly when organization took a punch from the Covid pandemic following the Easter bomb.Indian-controlled Piramal, priced price quote on the CSE, stated in a press release revealing its half year results that it expected to do well in the 2nd half of the year also stating “we are passionate to sustain and further improve the efficiency as there is a healthy pipeline for new items and brand-new customers in the global market.”

The very first half results were accomplished despite modest turnover development, as much as Rs. 3.56 billion from Rs. 3.53 billion a year earlier.The company’s share rate got greatly on the CSE following the release of the first half results.Reporting that the period under assessment began with the Covid lockdown with production starting at 25 %capability by making glass containers for food and pharmaceutical customers. Operations stabilizing by mid-May resulting in an extremely first quarter setback.But need had really started boosting from the 2nd quarter with earnings of Rs. 2.23 billion produced against Rs. 1.94 billion a year previously, up 14.2%. Earnings after tax for the quarter ended Sept. 30,2020, was Rs. 360 million, up from Rs. 74 million a year earlier.Reporting 20 %development in the domestic market with sales as much as Rs. 1.56 billion from Rs. 1.29 billion a year previously,

Piramal specified there was a steep boost in need for its products as an outcome of panic buying of food. This resulted in higher sales of food containers in your area. The requirement from the pharmaceutical and agro markets similarly showed a healthy upward advancement though the drink market saw an issue due to limitations on social and joyful gatherings.Export sales acquired marginally at Rs. 670 million, up from Rs. 651 million a year formerly. The company said enhanced exports were accomplished in the face in

restriction of vessel availability in considerable markets with exports even to India and Pakistan impacted.”Nonetheless, the need of flavoured water bottles for Canadian and North American markets and greater requirement for food containers in Australia helped go beyond ins 2015 sales,” Piramal said.

“The business also made inroads in brand-new markets such as UK, Mexico, Colombia and Netherlands with food containers and high-end liquor bottles.”Piramal Glass Ceylon (formerly Ceylon Glass Company )is the only glass bottle factory in Sri Lanka. Coming under the umbrella of India’s Pirmal Group in 1999, its factory was relocated to Horana from Ratmalana in 2007 as a BOI venture.

By Editor

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