Piramal Glass Ceylon PLC (PGC) has reported its results for the first half of the year FY 2017-18 with Rs. 3,082 million of Revenue and Rs. 154 million of Profit After Tax (PAT) as against the corresponding period of previous year’s revenue of Rs.3,129 million and PAT of Rs. 73 million.
At half year, the company’s domestic sales was lower by 15% at Rs.2,184 million as against Rs. 2,586 million of previous year, whilst the export sales stood at Rs. 898 million as against Rs. 543 million of previous year, reflecting a growth of 65%.
The sale during the second quarter of FY2017-18 was Rs. 1,679 million, which reflects a growth of 16% when compared to the corresponding period of previous year figure of Rs. 1,445 million.
Domestic sales stood at Rs. 1,100 million as against Rs. 1,239 million of the similar quarter of the previous year, reflecting a de-growth of 11%. A dip in the overall domestic market was experienced which impacted the sales mainly in the food and beverage segments.
The management made special efforts to expand in the export market to offset the domestic setback. Thus the high growth seen in the export market is a outcome of the initiatives proactively converted to sales in the newer markets. PGC has demonstrated its capability by achieving export sales for the quarter of Rs. 579 million as against the Rs. 206 million received in the similar quarter of the previous year which depicted a growth of 181%.
Amidst the adverse sales impact, the company showed improvement in its profitability indicators. The gross profit has risen to 21% during the quarter under review as compared to the previous year similar quarter of 7%. During the first half of the year the gross profit was 23% as compared to 13% in the similar period of the previous year whilst the operating profit moved up to 14% from 4% of the previous year.
At half year, the company’s domestic sales was lower by 15% at Rs.2,184 million as against Rs. 2,586 million of previous year, whilst the export sales stood at Rs. 898 million as against Rs. 543 million of previous year, reflecting a growth of 65%.
The sale during the second quarter of FY2017-18 was Rs. 1,679 million, which reflects a growth of 16% when compared to the corresponding period of previous year figure of Rs. 1,445 million.
Domestic sales stood at Rs. 1,100 million as against Rs. 1,239 million of the similar quarter of the previous year, reflecting a de-growth of 11%. A dip in the overall domestic market was experienced which impacted the sales mainly in the food and beverage segments.
The management made special efforts to expand in the export market to offset the domestic setback. Thus the high growth seen in the export market is a outcome of the initiatives proactively converted to sales in the newer markets. PGC has demonstrated its capability by achieving export sales for the quarter of Rs. 579 million as against the Rs. 206 million received in the similar quarter of the previous year which depicted a growth of 181%.
Amidst the adverse sales impact, the company showed improvement in its profitability indicators. The gross profit has risen to 21% during the quarter under review as compared to the previous year similar quarter of 7%. During the first half of the year the gross profit was 23% as compared to 13% in the similar period of the previous year whilst the operating profit moved up to 14% from 4% of the previous year.
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