01-Nov-2012 Interim Financial Statements & Press Release 30-09-2012

PIRAMAL GLASS CEYLON -
Financial Statements: http://www.cse.lk/cmt/upload_report_file/666_1351767389515.pdf

Press Release: http://www.cse.lk/cmt/upload_report_file/666_1351767541473.pdf

ASIAN HOTELS & PROPERTIES
Financial Statements: http://www.cse.lk/cmt/upload_report_file/690_1351760581917.pdf

ASSOCIATED MOTOR FINANCE COMPANY
Financial Statements: http://www.cse.lk/cmt/upload_report_file/1068_1351767780.pdf

HAYLEYS EXPORTS
Financial Statements: http://www.cse.lk/cmt/upload_report_file/768_1351761765011.pdf

PROPERTY DEVELOPMENT
Financial Statements: http://www.cse.lk/cmt/upload_report_file/629_1351744490943.pdf

NESTLE LANKA
Financial Statements: http://www.cse.lk/cmt/upload_report_file/487_1351761386078.pdf

SWARNAMAHAL FINANCIAL SERVICES
Financial Statements: http://www.cse.lk/cmt/upload_report_file/1061_1351768893.pdf

PIRAMAL GLASS CEYLON CLOSES ITS HALF YEAR WITH A TURNOVER OF Rs. 2,592Mn & PAT of Rs. 414Mn
Colombo, 1st November 2012:

Piramal Glass Ceylon PLC (PGC) has announced its 1st Half year results for the Financial year 2012-13 with a 8% growth in turnover from Rs.2,385Mn in F12 to Rs.2,592 in F13 & a marginal growth of 9% in PAT from Rs.384Mn to Rs. 414Mn.

Whilst the Gross profits grew marginally in volume by 3% during the first six months of the current financial year , the GP ratios saw a decline to 30% as against 31% in the previous year 1st Half. This drop was mainly contributed by high energy prices. In comparison to last year similar period the energy cost during the period grew by 51% with Furnace oil taking the lead with a price increase of almost 80%. The LPG rate was also affected adversely in the 2nd Qtr due to increasing trend in Saudi Armco. The bank interest rates too saw a continuous increase month on month during the period under review.

The domestic sales value grew by 12% from Rs. 1,755 Mn to Rs. 1,963 Mn amidst the overall growth in the domestic market a dip was seen especially in Liquor & Food sector.

The Export Market remained in par with last year at Rs. 630Mn. The increased Realisations in the export market due to the new product mix was definitely a healthy sign for the organisation. The realisations grew by almost 18% against the previous year. The company also broadened its geographical spread by selling 28% of its exports in the Australia/New Zealand market which was only 8% in the previous year.

New Product development was at its peak during the period. PGC developed a new range liquor bottles in different colours for Australian and Indian markets.

The company continued its upward momentum in productivity, by surpassing the production volume during this half year as against that of the corresponding period of the last financial year. The efficiencies too have by passed the previous year efficiencies which resulted in the increase in output. Thus amidst the substantial cost escalations this helped the company to better its profitability as against the similar period of last year.

These production milestones were possible due to the high concentration the management has put on the Initiative of the Manufacturing Excellence programme it has established in the plant. The Glass manufacturing facility at Horana has already reached level 2 with a target of reaching level 3 by end of the financial year.

Piramal Glass also tries to establish and inculcate environment friendly atmosphere in all its manufacturing processes. The commissioning of the new effluent treatment plant was also one such endeavour. This new Effluent Treatment Plant is a venture to ensure that preservation of water by recycling, and the water let out to the environment does not in any way harm the environment and the surrounding community. The company has spent almost Rs. 20Mn in this project.

Piramal Glass also continued to be recognised at national level for its performance with a Merit award at the CNCI Achiever Awards -2012 and the Gold Award at the Export award ceremony held by the National Chamber of Exporters. This is the 3rd Consecutive year that the company has achieved this Gold Award.

“Though Presently the domestic market is not looking very exciting We are confident that growing domestic market coupled with potential of premium export market, the company would continue to strive towards excellent performance in the future thus achieving our Vision of To be the preferred partner for packaging solutions by meeting the expectations of stake holders with continuous innovations for improvement supported by environmental friendly robust manufacturing and quality systems.”- said Mr. Tiwari CEO/Managing Director of Piramal Glass Ceylon Plc.

Piramal Glass Ceylon (Formerly Ceylon Glass Company) is the only Glass Bottle Manufacturing plant in Sri Lanka. It had the opportunity of coming under the Umbrella of Piramal Group in 1999. Presently Located in Horana, it has been in existence for over 55 years. The company originally at Rathmalana was relocated at Horana in 2007 as a BOI venture under the auspices of “300 factory programme of Mahinda Chintana”.

PGC at its 250 Tonne Capacity Manufacturing Facility has the capability to offer glass containers in different shapes and colours for multiple industries such as Food, Liquor, Wine, Pharmaceutical, Agro chemical, Cosmetics and Perfume & Soft drinks.

The Piramal Group led by Ajay G. Piramal is one of India’s foremost business conglomerates. Driven by the core values of Knowledge Action Care, the Piramal Group has a formidable presence in healthcare, drug discovery & research, glass, real estate and financial services. The Piramal Group also pursues sustained community activities in healthcare, education, emergency medical services, and heritage restoration.

Thanks for all in one convenient links Sri.

SFS eps calculation appears to have issues.

500 million shares and Rs 71 Million profit for 6 months and eps is 0.29?

@sls
up to now results are fine....isn't it ?
some have done beyond many are thought.....

slstock wrote:Thanks for all in one convenient links Sri.

SFS eps calculation appears to have issues.

500 million shares and Rs 71 Million profit for 6 months and eps is 0.29?

clearly it's the annualised EPS.

Anyways, I wonder what's keeping SFS at this price. I wish some other companies would trade at this multiple.

Well is appears annualized.

But is it right not to mention it and report 0.29 for 6 month eps? It is misleading the public. They must be assuming public have to calculate eps and understand that is annauzlied.


Thsi share still trades at PBV of 3.7 where are sector PBV is around 1.8 I believe.

npp wrote:

slstock wrote:Thanks for all in one convenient links Sri.

SFS eps calculation appears to have issues.

500 million shares and Rs 71 Million profit for 6 months and eps is 0.29?

clearly it's the annualised EPS.

Anyways, I wonder what's keeping SFS at this price. I wish some other companies would trade at this multiple.

definitely not right. even I did not notice it until you posted this. Anyone would take the figure at face value.

Anyways, it's unbelievable that this is trading at such a premium.

Two other comments

GLAS: It is good in the S/H point of view that GLAS is distributing a large portion of profits although it has a high amount of debt. Yes it has to transfer profits to its parents, but still...

NEST: Rather same case, but I feel the Balance sheet has weakened compared to last quarter. Also interesting to see how much dividend they're going to declare and how they're going to find the cash from.

If GLAS can get rid of their debt ( I think they are slowly reducing it right) it would be relief for them. Selling their Ratmalana land has been dragging for a long time. Maybe they cannot find a buyer for their price?

Anyway Glas previous policy was to distribute 50% of earning to as dividend ( if I recall right) . With results so far, and barring the unexpected they are looking to easily break the last FY eps. Which means the dividend next year is also high.

npp wrote:Two other comments

GLAS: It is good in the S/H point of view that GLAS is distributing a large portion of profits although it has a high amount of debt. Yes it has to transfer profits to its parents, but still...

NEST: Rather same case, but I feel the Balance sheet has weakened compared to last quarter. Also interesting to see how much dividend they're going to declare and how they're going to find the cash from.