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Piramal Glass Ceylon Posts Successful Half Yearly Results

Rs 3.7 billion expansion nears completion, bullish on exports Piramal Glass Ceylon Posts Successful Half Yearly Results

The Piramal Glass Ceylon Plc [ PGCL ] conducted a presentation on its half yearly results for the Financial Year ending March 2008.
The presentation was done by the Company’s Managing Director and President Mr Sanjay Tiwari on it’s un audited results for the Quarter ended 30 September 2007.

Also present were PGCL Directors Maxi Prelis and Bandula Perera & Chief Financial Officer Mrs. Niloni Boteju.

According to Mr Tiwari sales were up by 15% to Sri Lankan Rupees 973 million while Profit after Tax was up by 22% to Sri Lankan Rupees 88 million.

“Sales during the half year period were Sri Lankan Rupees 973 million, a growth of 15% compared to Sales of Sri Lankan Rupees 846 million of the same period the previous year.During this period the Operating Profit grew by 24% to Sri Lankan Rupees 148 million as against Sri Lankan Rupees 119 million the last year.Profit before tax too increased to Sri Lankan Rupees 126 million, which represents a growth of 20% over the 1st half of the previous year”.

The Company’s performance in the 2nd Quarter ending 30th Sep 07, in its own showed a growthof 20% in sales. The profit after tax in the 2nd Quarter displayed a growth of 29% as against the corresponding Quarter of the previous year.

PGCL has seen a continuous growth in its Export Sales over the past few years.In the first half of the current financial year PGCL’s export sales were in excess of 10% of the Company’s total sales, as against 5% during the whole of the previous financial year 2006/07.

“Coloured wine and liquor bottle sales to India have been a main contributor to this achievement.It is encouraging to note that the Export growth in the 1st half of the current financial year is more than 290% as compared to 108% during the corresponding period of the previous year”.

Tiwari also spoke of the Company’s soon to be concluded expansion project, namely the new production facility at Horana which is an investment of over Sri Lankan Rupees 3.7 billion. “This would be completed in the 3rd quarter of the current financial year 2007/08. With the completion of this project, the Company’s current production capacity for manufacturing coloured bottles of different shapes would be more than doubled”. Tiwari added that this would enable PGCL to export larger volumes of different coloured and shaped wine bottles to all major wine producing countries.

“With the completion of this facility, the Company’s installed capacity for glass production will increase from the present 100 tons per day to 205 tons per day. The downstream flexibility for manufacturing is also being enhanced by two additional lines, thereby resulting in a total of 5 manufacturing lines, while it will be equipped with the latest automatic inspection machines as well as a chemical coating facility”.

The expansion will also result in PGCL having the flexibility to produce glass containers which range in size from 50ml to 2.5 litres in flint, amber, and different colours for a range of industries including the pharmaceutical, soft and hard liquor, carbonated drinks, food and beverages, cosmetics, perfume and agro chemical sectors.

Tiwari said that the World Market for F and B Glass is over 12 billion US$ and growing at 12%, the Cosmetic and Perfume glass is US$ 1.9 billion US$ and growing at 5%, while the Pharmaceutical glass market is approximately US$ 2 bilion. Key Markets for specialty Food and Drinks are the US and Europe which are forecasted to be US$125 billion by 2009 with the Compounded Annual Growth Rate [ CAGR ] being 5%.

He also said that the growing worldwide demand for specialty glass containers have presented opportunities for the Company to enter the niche market for coloured glass containers. “We are already the sole supplier of blue bottles for a major brand of the world’s second largest liquor producing company and we are currently exploring export opportunities in India, the Philippines, Mauritius, and Australia”. Tiwari added that the domestic demand for glass containers too had grown, all of which were contributing factors that had made PGCL invest in the new production facility.

PGCL were also the recipients of the Gold Award in the Consumer Packaging category at the recently concluded Packaging Awards. “This award was given to us in recognition of the development of the unique 750 ml Blue Antiquity Liquor Bottle which was developed for one of the largest liquor manufacturers in the world. In fact we are the only manufacturers in the whole of South East Asia with the capabilities to produce such a bottle”, said Tiwari.

“With the completion of our new facility in Horana we are confident of still bettering our performance in the second half of the financial year, whilst emerging as one of the leading glass manufacturing companies within the region” said Tiwari.

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