Piramal Glass Ceylon PLC has announced its results for the first quarter of FY 2015 with Rs. 1,245 million of revenue and Rs. 86 million profit after tax (PAT) showing a growth of 13% at operating profit and 41% growth at PAT level when compared with the profitability of FY2013 (excluding profit from land sale).
The total revenue generated during the quarter under review stood at as Rs. 1,245 mn as against Rs.1,233 mn depicting a 2% overall growth.
"We were happy to note that the domestic sales in Q1 showed positive signs with a growth of 8% by achieving Rs.994 mn during the current quarter as against Rs. 916 mn of the previous year similar quarter.
The Export Market sale was Rs. 251 mn as against Rs. 307 million of the previous year saw a decline of 18%. The Exports to Indian market which was effected during the past few quarters due to the currency fluctuation in India has recovered to some extent and the company was able to achieve its expected sales in India.
The Gross Profit saw a marginal decrease from 22% in Q1 F2014 to 21% in Q1 F2015, while the operating profit increased from 10% in first quarter of F2014 to 11% during the quarter under review.
The company saw a substantial increase in the direct and indirect costs during the quarter.The main increases were seen in Raw Material and Packing Material costs which has directly impacted the production costand the gross profit margins.
The Finance Cost too showed a 41% reduction from Rs. 54 mn in the 1st quarter of F 2014 to Rs. 32 mn in the first Quarter of F 2015 due to decline of interest rates and as most of the long term loan debts are now settled.
www.dailynews.lk
The total revenue generated during the quarter under review stood at as Rs. 1,245 mn as against Rs.1,233 mn depicting a 2% overall growth.
"We were happy to note that the domestic sales in Q1 showed positive signs with a growth of 8% by achieving Rs.994 mn during the current quarter as against Rs. 916 mn of the previous year similar quarter.
The Export Market sale was Rs. 251 mn as against Rs. 307 million of the previous year saw a decline of 18%. The Exports to Indian market which was effected during the past few quarters due to the currency fluctuation in India has recovered to some extent and the company was able to achieve its expected sales in India.
The Gross Profit saw a marginal decrease from 22% in Q1 F2014 to 21% in Q1 F2015, while the operating profit increased from 10% in first quarter of F2014 to 11% during the quarter under review.
The company saw a substantial increase in the direct and indirect costs during the quarter.The main increases were seen in Raw Material and Packing Material costs which has directly impacted the production costand the gross profit margins.
The Finance Cost too showed a 41% reduction from Rs. 54 mn in the 1st quarter of F 2014 to Rs. 32 mn in the first Quarter of F 2015 due to decline of interest rates and as most of the long term loan debts are now settled.
www.dailynews.lk
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