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Piramal Glass Ceylon Declares Annual Results for 2007-8

Piramal Glass Ceylon Declares Annual Results for 2007-8

The Company with the finalization of audited accounts are pleased to report a growth of 19 % in the top line over the previous year.The revenue for the year is Rs: 1,857 million as against previous years revenue of Rs: 1,555 million. Profit after Tax (before impairment) for the year was Rs.186 million, representing a growth of 10 %.

In the domestic market, PGCL achieved Sales growth of 15 % over the previous year.During this period, PGCL launched 7 new products, which were successfully commercialized. This includes the new category of “Light Weight” one-way bottles, which is the current trend in the packaging industry.On the Exports front, PGCL registered growth of 212 % over previous year.This growth is a reflection of the initial benefits realized by the Company from its strategy of focusing on International market, along with increasing its product range in the domestic market. The major contributor to this Exports growth was the launch of different shades of colored wine bottles. The Company has recently launched a new version of “Screw Cap” bottles for the wine Industry, and has secured approval form International Packaging Companies.The recent trend from cork finish cap bottle to screw cap bottles is a major shift in the wine industry.PGCL has secured orders for screw cap wine bottles from major wineries in India, along orders for the regular variety, i.e. cork finished cap bottles. PGCL competes against competition from big multi-national companies in this field said PGCL CEO & Director Mr. S Tiwari.

The increased Sales and Volume of PGCL were achieved with the support of GGL – the parent Company, who made major supplies to PGCL during FY2007.GGL’s support was critical, as PGCL’s present capacity is near full utilization and its manufacturing operations are also nearing transition to the new location at Horana. The increased supplies have helped PGCL gauge the potential market demand that it could cater to once its expanded production capacity comes on-stream at Horana.

Piramal Glass Ceylon is doubling its capacity for making colored bottles in different shapes and sizes. It is setting-up a new production facility at Horana at a Capital Expenditure of over Rs:2.5 billion. After commissioning of the Horana facility, PGCL will be able to Export larger volumes of different colored and shaped wine bottles in niche wine bottles market, in all major wine manufacturing countries.

Due to the impending commission of the Horana facilities, CGL has had to book a non-cash flow expense as impairment cost, which resulted in the Post tax Profit reducing to Rs: 104 Mn.This impairment has arisen due to relocation of the Plant from the present location at Ratmalana to Horana and the resultant impact on accounting value of the Ratmalana furnace.

Construction work has already commenced in October 2006 for setting up of the new Manufacturing facility at Horana under President Hon. Mahinda Rajapakse’s 300 factory project known as “Mahinda Chinthanaya”.
With this facility, the Company’s capacity of glass production will go up from the present 100 tone per day to 205 tpd.The downstream flexibility for manufacturing is also being enhanced by two additional lines, there by making the total of 5 manufacturing lines.The Company has also increased the manufacturing capacity for producing colored glass bottles by more than double.The above facility will be equipped with the latest automatic inspection machine, packing machines and chemical coating facility said Tiwari.

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