Piramal Glass Ceylon PLC reported its nine month ended results of 31st December 2019 with a turnover of Rs. 5,832 Million & PAT of 330 Million as against Rs. 5,485 Million & Rs. 154 Million in the previous year similar period.

The turnover for nine months at Rs. 5,832 Million showed an 6% growth as against the previous year sale of Rs. 5,485 Million. The Domestic sales grew by 18% from Rs. 3,362 Million to 3,982 Million whilst a drop of 13% was seen in the Export market from Rs. 2,123 Million in F19 to Rs. 1,850 Million in F20.

The 3rd Quarter ending 31st December, is always a very positive quarter for Domestic sale due to the festival season. The festive sentiments together with the election fever was apparent with the 24% growth seen in the domestic sale as compared to previous year similar period. The domestic sale was at Rs. 1,501 Million as against Rs. 1,226 of the previous year similar quarter whilst the Exports showed a 10% growth by achieving Rs.804 Million in F20 Q3 as against Rs.733 Million of the similar period in F 19 Q3.

The investment of over Rs. 1 Billion made on a 6th Production line during the 1st Quarter of this financial year has started paying dividends. This line helped the production to maximise its capacity utilisation & in turn to increase the overall production tonnage.

This additional capacity together with deferring of some export orders helped create space for the increased domestic demand to be catered during the festive season & also to yield maximum results.

During this quarter too the company continued with its new innovative product developments & launches in the export market in its varied colour range. A 750ml Flint bottle to fill Water bottle was launched in UK whilst a 1lt bottle for juice was launched  in Mauritius. An attractive Cobalt blue of 330ml capacity was launched for Beer, whilst a whiskey bottle range in varied sizes of 180ml, 375ml & 750ml was launched in both Flint & Emerald green colour for the Indian market.

For the quarter under review the Gross Margin increased from 21% in to 23% when compared with the similar period of the previous year, whilst for the period of nine months ended 31st December 2019 the Gross profit margin has increased from 16% to 20% as compared with previous year similar period.

The PBT for the nine months stood at Rs. 433 Million in F20 as against Rs. 224 Million in F19 whilst the PAT was at Rs. 330 Million as against Rs. 154 Million of the similar period previous year.