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Piramal Glass Ceylon revenue up by 8%

Piramal Glass Ceylon revenue up by 8%

Piramal Glass Ceylon PLC reported its nine month ended results of December 31, 2018 with a turnover of Rs. 5,485 million & PAT of 154 million.

The turnover for nine months at Rs. 5,485 million showed an 8% growth as against the previous year sale. of Rs. 5,067 million. The export sales grew by 31% from Rs. 1,627 million to 2,123 million whilst a drop of 3% was seen in the domestic market from Rs. 3,440 million in F18 to Rs. 3,362 million in F19.

The 3rd Quarter ending December 31, has always been a very positive quarter for domestic sale each year due to the festival season. Yet these positive sentiments were not seen this year specially due to the unstable political climate in the country and the uncertainty towards the polices . The Domestic sale of F19 Q3 was Rs. 1,226 million as against Rs. 1,256 million of F18 Q3 which showed a drop of 3%. Food, beverage and liquor segments continued to show a de-growth during the quarter as well as for the nine-month period when compared with the similar periods of the previous financial year.

During the quarter export sale was stable at Rs 733 million as against Rs. 729 million of previous year similar period.

For the nine months ended December 31, 2019 the gross profit margin has decreased from 21% to 16% as compared with previous year similar period.

The gross profit during the period under review was severely impacted by the fuel price increase to the extent of 35% in LPG & 15% in furnace oil which in turn has a directly impacted the prices of raw material, packing material & transportation costs.

The PAT (profit after tax)for the nine months ended at Rs. 154 million as against Rs. 251 million of the previous year similar period.