Piramal Glass Ceylon PLC (PGC), manufacturer of glass containers for all segments of glass packaging, said this week it plans to sell its 21-acre property at Ratmalana with the funds being used to settle part of long term debt.
Labelling the company as the most preferred Speciality Glass Packaging solutions provider in Asia which meets customer expectation through innovative designs and manufacturing, Piramal reported continued growth in first quarter of 2010-2011 through net profit of Rs.53..2 million compared to a loss of Rs. 118.7 million for the same period last year.
“The company continues with its simple yet steadfast objective of fully serving the domestic market which is well on its way to recovery as well as increasing the business in the specialized liquor and beverage segment in the international markets,” it said.
According to Mr. Sanjay Tiwari, CEO & Executive Director, “Net Sales for the quarter ended 30 June 2010 grew by 8.6% to Rs. 868.2 million over Rs. 799.8 million in Q1 FY2010. Gross profits were up by 30% to Rs.227.5 million, while the Net profit for the period was Rs.53.2 million as compared to a loss of Rs.118.7 million for the same period the previous year”.
The domestic market grew by 30% to Rs.621 million as against Rs.476 million in the similar period of the previous year. The post-war peaceful environment together with the opening up of the North and East appears to have paid dividends with all segments of bottle sales showing an upward trend. The company continues to focus and build its position in the export market. The export volumes comprised almost 34% of its total sales volume during this quarter, it said.