Piramal Glass Sri Lanka unit March net up despite lower sales
ECONOMYNEXT – The Sri Lankan unit of India’s Piramal Glass said net profit rose 4.5% to Rs210 million in the March 2017 quarter from a year ago although sales fell owing to the closure of its furnace for relining and expansion.
Piramal Glass Ceylon’s sales fell 13.5% to Rs1.7 billion over the period, according to interim accounts filed with the Colombo stock exchange.
Earnings per share for the March 2017 were almost stagnant at 22 cents while EPS for the financial year fell to 50 cents from 69 cents in 2016.
Piramal Glass Ceylon said that despite constraints it launched and commercialised several new bottles in the United States and Australian markets.
The company said it relied on imports of glass bottles especially from its parent in India during the two-month shut down of its furnace to supply customers.
But it said annual profit also fell because of higher liquefied petroleum gas prices and the over 4% depreciation of the rupee which raised import costs.
(COLOMBO, May 09, 2017)