Piramal Glass Ceylon Plc (PGC), a manufacturer of flaconnage (glass containers) for food and beverages, pharmaceuticals, cosmetics and perfumery, has reported its best quarter ever to date, saying net sales for the quarter ending 31st December, 2010 grew by 28% to Rs. 1.1 billion.
Gross profits grew by 38% to Rs. 360 million and net profit to Rs. 190 million. PGC’s Chief Executive Officer and Executive Director, Sanjay Tiwari said, “this quarter has vindicated our investments and hard work. We have invested in some strategic initiatives in the last few years and put in a lot of effort in turning around PGC. We have improved our manufacturing efficiency and realigned our portfolio offerings.”
According to a company statement, the third quarter was an exceptional one for the company with the festive season playing a positive indicator towards high domestic sales which grew by 35% to Rs 898 million from Rs. 663 million while exports increased by 11% to Rs. 269 million from Rs. 244 million.
Mr Tiwari said the export market played a significant role during the quarter with sales consisting predominantly of the high realization, specialty segment, which contributed to better margins and an increased bottomline. The high realization segment consisted of 71% of the quarter’s export volume, which in turn helped the overall export realizations to grow by over 50% per ton, against that of the similar period of the previous year.
Total revenue for the nine months to December grew by 15% to Rs. 3 billion.