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Sri Lanka’s Piramal Glass March net profit doubles, exports up

ECONOMYNEXT – Profits at Sri Lanka’s Piramal Glass Ceylon PLC went up by 108 percent to 192 million rupees in the March 2019 quarter from a year ago helped by stronger export sales, interim accounts showed.

The firm reported earnings of 20 cents per share for the quarter. The share was trading unchanged at 3.50 rupees, Friday.

For the full year to 31 March 2019, Piramal Glass reported earnings of 36 cents on total profits of 346 million, up marginally from a year ago.

Revenue for the March quarter grew by nine percent to 1.9 billion rupees. Cost of Sales grew at a slower three percent to 1.4 billion rupees helping gross profits grow at a faster 32 percent to 512 million.

Quarterly net finance cost was 81 million rupees.

The export market kept its upward momentum with sales up 27 percent to 2,708 million rupees in 2019 from 2,136 million rupees in 2018.

“This growth is attributed to the new markets developed in many countries namely Malaysia, Africa, Vietnam and Myanmar,” a company statement said.

Net Assets per Share went up by 19 cents to 4.68 rupees this year.
(COLOMBO 24 May 2019)

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