Business Times

Piramal Glass reports loss for 2010 financial year, signs of improvement

By Natasha Gunaratne

Piramal Glass Ceylon has reported a decrease in net loss for the financial year ending 31 March 2010 at Rs.61.09 million compared to a loss of Rs.260.94 million the previous year. According to a press release by the company, the increase in LP Gas prices and other input costs had an adverse impact on the profitability of the company. Total revenue for the year under review grew by 19.8% to Rs.3,518 million over while gross profit increased by 53.1% to Rs.903.8 million from Rs.590.4 million.

CEO and Executive Director Sanjay Tiwari said the company has focused on exports, resulting in 175% growth in exports. In the press release, Mr. Tiwari said the growth has been very encouraging and is an endorsement of the confidence reposed by international customers for the company’s products. Exports, as a percentage of sales, grew to 33% in the 2010 financial year compared to 14% in the 2009 financial year. The major launches in the international market were Georgia green bottle for Bacardi, amber and emerald green bottles for the aerated water segment in East Africa and Flint liquor bottles for South India.

The company did report a net profit for the quarter ended 31 March 2010 after the turnaround the company achieved in the second quarter of the 2010 financial year. Mr. Tiwari said net sales for the quarter grew by 22.4% to Rs.858 million while gross profits increased by 24.5% to Rs.198 million in comparison to the corresponding period in 2009. The net profit for the quarter Rs.28 million compared to a loss of Rs.54 million for the same period last year. The company said the total increase in sales during the quarter was mainly due to the increase in the export segment. The domestic market which grew by 4% during the quarter is also showing positive signs.

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