Sri Lanka’s Piramal Glass Ceylon net up 60-pct

ECONOMYNEXT – Sri Lanka’s Piramal Glass Ceylon Plc, said profits rose 60 percent from a year ago to 378 million rupees in the December 2020, mostly helped by domestic sales growth, the firm said.

The firm reported earnings of 40 cents per share for the quarter. In the nine months to December the firm reported earnings of 73 cents, on total profits of 694 million rupees, up from 330 million rupees a year ago.

Gross profits grew 20 percent to 650 million rupees, with revenues growing 4 percent to 2,400 million rupees and cost of sales falling 0.8 percent to 1750 million rupees.

Pirmal Glass Ceylon said domestic sales grew 12 percent to 1,679 million rupees, but exports fell 10 percent to 722 million rupees with restricted vessel “vessel options to countries like Australia, USA & India.

The firm said it expected to resume deferred export sales in the fourth quarter after the situation normalized.

Executive Director & COO Sanjay Jain said that as a part of the strategy, did launches in Australia, India, Angola, U.K and Rwanda. (Colombo/Feb04/2021)

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  1. There is a limit to patience. Sri Lanka lost over hundred hedge funds opportunities because of reckless decisions of P B Jayasundara. Over a hundred businesses stopped operations and over 1000 jobs lost within a week. I don’t blame them– they are running a business, not a church or a fundraiser. They started with the tea industry and ended with all the other exporting sectors. Piramal company is part of this.

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