Piramal Glass maintains profits,explores new marketsView(s):
Piramal Glass Ceylon PLC (PGC) has announced its first quarter profits for the financial year 2012-13, saying it was able to maintain profitability despite adverse conditions.Revenue rose 15 per cent to Rs 1.3 billion with the increase possible mainly due to the export growth. However liquor and the pharmaceutical sectors showed a dip during this quarter, the company media release said.
Pre-tax profits fell mainly due to high energy prices and the exchange losses incurred on a long term US dollar loan. Energy costs rose by 41 per cent with furnace oil taking the lead with a price increase of almost 80 per cent. “The loss due to rupee depreciation against the US dollar for Rs 41 million is booked under administrative costs as we mark to market (revalue) the forex loans at the end of every quarter,” said CEO Piramal Glass, Sanjay Tiwari. “Due to the internal thrust on manufacturing and business process excellence, we saw a significant improvement during this period.”
Despite the outlook not being very rosy, the company says it is forging ahead on a positive note with the hope that external factors would take a positive turn during the balance three quarters of the year. “We are also exploring newer markets for exports to maintain our growth and profitability,” said Mr Tiwari.
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