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Piramal Glass Continues its Growth Drive.
Reports Profits in Third Quarter Financial Year 2010. Revenues up by 12% to Rs. 910 million. Gross Profit up by 27% to Rs. 261 million with Net Profit of Rs. 28.6 million

Colombo, 12 February, 2010: “Piramal Glass Ceylon Plc (PGC), a manufacturer of flaconnage (glass containers) for food and beverages, pharmaceuticals, Agro ,as well as cosmetics & perfumery, have reported its continuation of profit trend this quarter too, after the turnaround it achieved second quarter of this financial year 2010” said the CEO and Executive Director of PGC, Sanjay Tiwari.

According to Mr. Tiwari, net sales for the quarter ending 31st December, 2009 grew by 12% to Rs. 910 million. “Our Gross profits grew by 27% to Rs. 261 million, while the Net profit for the period was Rs. 28.6 million as compared to a loss of Rs. 87 million for the same period last year”.

The total increase in sales during the quarter was only due to the increase in the export segment. The company reported an export of Rs. 243 million, which in turn reflected a growth of 241% during the third quarter of the financial year 2010. The company’s exports consisted of coloured liquor and wine bottles, as well as flint liquor and food bottles. During the period under review the Company also launched some new bottles in the international market.

The company in its cost reduction drive converted more than 50% of its long term Rupee debt to foreign currency loans. This was done looking forward to the exponential growth in the exports.This conversion was done in November 2009 with the same consortium of banks. The management is confident that this will result in the company being able to reduce its interest costs in the future periods.

Nine Month Results:

The Total Revenue for the Nine months ending 31st December grew by 19% to Rs. 2,661 million. The Gross profit [GP] ratio increased to 27% this year as against 19% in the similar period of the previous year. The company achieved the GP of Rs. 705 Mn for the first nine month of the FY 2010 as against Rs. 431 Mn in the same period previous year reflecting a growth of 64%. Net loss for the nine months ending results of the year FY 2010 was lower at Rs. 89 million when compared to the loss of Rs. 207 million in same period of FY 2009.

“Once again PGC has demonstrated its capability of selling the capacities in the international market by achieving an encouraging growth of 210% in export sales as against the corresponding period in the previous year. The exports during the nine months increased to 34% of total revenue, as against the figure of 13% in same period in the financial year 2009”. During the period under review, PGC exported a total volume of over 20,000 tonnes, consisting of over 73 million bottles to various countries.

Tiwari said that the domestic market had continued to show a drop of 9% as against that of the same period of the previous year. “The Company has yet to realize the benefits in the domestic market with the opening up of the North and East subsequent to the cessation of the war” he said.

With the ongoing improvements and stabilization of the new plant, the daily production of glass tonnage drawn from the furnace has increased from 191 tonnes to 217 tonnes, with efficiency too increasing by over 6%. “This has resulted in almost 8500 tonnes of additional glass being produced during the first nine months of the year.”

On the cost front, the company got hit by the continuous increase in the LPG prices as PGC is one of the largest industrial consumers of LPG in the country and other input costs which affected the profitability of the company in a significant manner.

“The Company is poised for continued growth in the coming years, whilst taking its place as a significant player in Sri Lanka’s economic landscape while strengthening its position in the international market” said Tiwari

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