Sri Lanka’s Piramal Glass net up; Norges Bank among top shareholders
ECONOMYNEXT – Sri Lankan glass bottle manufacturer Piramal Glass said net profit shot up 172 percent to 166 million rupees in the December 2015 quarter from a year ago, driven by strong domestic sales during the festive period.
Norway’s sovereign wealth fund, Norges Bank had become the third largest shareholder of Ceylon Glass during the quarter with a 2.47 percent stake, behind Sri Lanka’s Employees Provident Fund which owns 9.51 percent.
Earnings per share rose to 12 cents in the quarter from six cents the year before, according to unaudited results filed with the stock exchange filing.
December 2015 quarter sales grew 12 percent to 1,778 million rupees from the previous year.
“The sales growth for the quarter was mainly contributed by the domestic market,” a statement said.
“The positive sentiments that was experienced throughout the year remained during this festive season quarter as well.”
The company said exports were restricted and mainly focused towards niche segment bottles thus ensuring consistent margins as capacity had to be released for the domestic market.
Piramal Glass, a unit of India’s Piramal group, said all sectors contributed positively while the food and beverage segment continued to dominate sales.
In the nine months to December 2015, EPS doubled to 48 cents from a year ago with sales up 16 percent to 4,817 million rupees.
Domestic sales grew 24 percent to 3,888 million rupees from the previous year while exports fell to 929 million rupees from 1,003 million rupees the previous year. (Colombo/Feb1/2016)