Piramal Glass Ceylon PLC, the sole player in the domestic glass container market, with a considerable export existence, has actually posted a remarkable first half in the present financial, much better than tripling its profit to Rs. 316 million from Rs. 95 million made a year earlier when business took a punch from the Covid pandemic following the Easter bomb.Indian-controlled Piramal, estimated on the CSE, stated in a press release announcing its half year results that it anticipated to do well in the 2nd half of the year also saying “we are hopeful to sustain and additional improve the performance as there is a healthy pipeline for brand-new items and brand-new customers in the international market.”
The very first half outcomes were achieved in spite of modest turnover development, as much as Rs. 3.56 billion from Rs. 3.53 billion a year earlier.The business’s share rate gained sharply on the CSE following the release of the very first half results.Reporting that the period under review began with the Covid lockdown with production beginning at 25 %capacity by making glass containers for food and pharmaceutical clients. Operations stabilizing by mid-May resulting in a very first quarter setback.But need had actually begun enhancing from the 2nd quarter with income of Rs. 2.23 billion created against Rs. 1.94 billion a year earlier, up 14.2%. Profit after tax for the quarter ended Sept. 30,2020, was Rs. 360 million, up from Rs. 74 million a year earlier.Reporting 20 %growth in the domestic market with sales up to Rs. 1.56 billion from Rs. 1.29 billion a year previously,
Piramal said there was a high increase in demand for its products as a result of panic buying of food. This led to greater sales of food jars locally. The need from the pharmaceutical and agro industries also showed a healthy upward development though the drink market saw a setback due to constraints on social and festive gatherings.Export sales gained partially at Rs. 670 million, up from Rs. 651 million a year previously. The company said improved exports were achieved in the face in
limitation of vessel schedule in significant markets with exports even to India and Pakistan impacted.”However, the demand of flavoured water bottles for Canadian and North American markets and higher demand for food containers in Australia helped exceed last years sales,” Piramal stated.
“The company likewise made inroads in brand-new markets such as UK, Mexico, Colombia and Netherlands with food jars and high-end liquor bottles.”Piramal Glass Ceylon (formerly Ceylon Glass Business )is the only glass bottle manufacturing plant in Sri Lanka. Coming under the umbrella of India’s Pirmal Group in 1999, its factory was moved to Horana from Ratmalana in 2007 as a BOI endeavor.