Q3 :- The sales growth for the quarter was mainly contributed by the domestic market.
The positive sentiments that was experienced throughout the year remained during this festive season quarter as well.
All sectors contributed positively whilst food & beverage segment continued to dominate the sale.
The domestic sale contributed 78% of the total quarter’s sale as compared to 70% of the previous year same period.
The export market supply was restricted to Rs. 387 Million as capacity had to be released for the domestic market.
The exports were mainly focused towards the niche segment bottles thus ensuring consistent margins.
In addition to this, PGC exports to USA which started at the beginning of the year has grown tremendously during the period under review.
The Gross Profit for the third quarter was Rs. 397 Million as against Rs. 215 Million of the previous year which is the resultant of the increased domestic sale.
YTD :- As at 31st December 2015, the company achieved a revenue of Rs.4,817 Mn as against Rs. 4,150 Mn of previous year with a growth of 16%.
The domestic sale increased from Rs. 3,147 Million to Rs. 3,888 reflecting a growth of 24% as compared to similar period previous year.
The export sale was Rs. Rs. 929 Million as against Rs. 1,003 Million of the previous year.
The Gross Profit for the nine months ended 31st December 2015 was Rs. 1,040 as against Rs. 708 Million of the previous year.
The cost of Furnace oil, the main energy source in manufacturing glass still remains a very grave concern.
The price which was set at Rs. 90/= per litre in 2012, has not yet been corrected in line with the decreasing world crude oil prices.
The company along with the industry has taken up this issue with the present government at various occasions & forums as it is an injustice to the industry.
We appreciate the government’s move towards having a pricing formulae for fuel products and hope furnace oil too would be considered under the formulae pricing linked with global crude oil prices.
Presently the furnace oil supplied by Ceylon Petroleum Corporation is at Rs. 80/= per litre whereas by any standards the price charged by CPC should not be more than Rs. 45/= per litre.
The company is hopeful that the government will consider reduction in the furnace oil prices to help industry to be competitive in international market thereby increasing exports and generating surplus foreign exchange for country.
The company’s Furnace which was built in 2007 is due for refurbishment & relining during F2017.
The relining together with enhancement of capacity & technological improvements to the existing machinery is scheduled to be carried at an investment of Rs. 3 Billion during next Financial Year.
Piramal Glass Ceylon PLC received the Award for the “Best Exporter of the Packaging Material Product Sector – 2015” in the recently concluded Presidential Export Awards presentation which was held under the participation of His Excellency The President Maithripala Sirisena and senior ministers of the Government at the Nelum Pokuna Theatre.
Presidential Export Awards organized by the Export Development Board of Sri Lanka is the premier event where the contributions of the Exporters are recognized by the state.
About Piramal Glass:
Piramal Glass Ceylon (Formerly Ceylon Glass Company) is the only Glass Bottle Manufacturing plant in Sri Lanka.
It had the opportunity of coming under the Umbrella of Piramal Group in 1999.
Presently Located in Horana, it has been in existence for over 55 years.
The company originally at Rathmalana was relocated at Horana in 2007 as a BOI venture.
PGC at its 250 Tonne Capacity Manufacturing Facility has the capability to offer glass containers in different shapes and colours for multiple industries such as Food, Liquor, Pharmaceutical, Agro chemical & Soft drinks.
About Piramal Group:
The Piramal Group led by Ajay G. Piramal is one of India’s foremost business conglomerates.
Driven by the core values of Knowledge Action Care, the Piramal Group has a formidable presence in healthcare, drug discovery & research, glass, real estate and financial services.
The Piramal Group also pursues sustained community activities in healthcare, education, emergency medical services, and heritage restoration.