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Sri Lanka’s Piramal glass unit June net up on higher local sales

ECONOMYNEXT – Sri Lankan container glass maker Piramal Glass Ceylon (PGC) said net profit rose 70 percent to 147 million rupees in the June 2015 quarter from a year ago, helped by strong growth in local sales.

Total sales grew 22 percent to 1.5 billion rupees, the company, part of India’s Piramal Group, said in a stock exchange filing.

Earnings per share rose to 15 cents from nine cents the year before.

PGC said domestic market sales grew 24 percent mainly owing to demand from the food and beverage sector.

The growth in food sector bottles was a result of increased supply of packaging material to this industry, a statement said.
Exports rose 15 percent to 290 million rupees and the company said it had to curtail some exports to cater to domestic market requirements.
PGC complained that the much-awaited furnace oil price reduction did not happen during the quarter.

In 2012 the furnace oil which was 50 rupees increased by 80 percent to 90 rupees when crude oil was 110-120 US dollars a barrel.

But the furnace oil price was not reduced although crude oil had now fallen to 60 dollars a barrel, PGC said.

(Colombo/July 29 2015)

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