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Piramal Glass Ceylon PLC (PGC), manufacturer of glass containers for all
segments of glass packaging, recorded profits for the eighth
consecutive quarter.
the company has commenced the year with a strong financial performance
by achieving a Net Profit of Rs. 141 million in the Q1 of the Financial
Year 2012 as against a net profit of Rs. 53 million during the
corresponding period of the previous year, depicting a growth of 166%.
The sales growth of 27% has set a positive trend to this remarkable performance.
The growth displayed in the Domestic market continues to look
strong and has shown a 32% growth from Rs. 621 million to Rs. 823
million. In fact during the last two years the growth has been in excess
of 30%
Export markets grew by 14% from Rs. 247 million to Rs. 282 million,
as against the similar period of last year. This was attributed to the
fact that exports were in a niche high end market, hence higher
realisation.
The thrust on manufacturing and business process improvement too continued.
PGC had already achieved level one, Manufacturing Excellence during
the previous year with a target of reaching level two of Manufacturing
Excellence by the second Quarter of this financial year. (Level four is
equivalent of EFQM).
While other costs increased at par inflation, energy costs went up by 28%.
Another feather in PGC’s cap was being the recipient of the
Presidential Export Award for the value added mineral and mineral based
products for 2009.
segments of glass packaging, recorded profits for the eighth
consecutive quarter.
the company has commenced the year with a strong financial performance
by achieving a Net Profit of Rs. 141 million in the Q1 of the Financial
Year 2012 as against a net profit of Rs. 53 million during the
corresponding period of the previous year, depicting a growth of 166%.
The sales growth of 27% has set a positive trend to this remarkable performance.
The growth displayed in the Domestic market continues to look
strong and has shown a 32% growth from Rs. 621 million to Rs. 823
million. In fact during the last two years the growth has been in excess
of 30%
Export markets grew by 14% from Rs. 247 million to Rs. 282 million,
as against the similar period of last year. This was attributed to the
fact that exports were in a niche high end market, hence higher
realisation.
The thrust on manufacturing and business process improvement too continued.
PGC had already achieved level one, Manufacturing Excellence during
the previous year with a target of reaching level two of Manufacturing
Excellence by the second Quarter of this financial year. (Level four is
equivalent of EFQM).
While other costs increased at par inflation, energy costs went up by 28%.
Another feather in PGC’s cap was being the recipient of the
Presidential Export Award for the value added mineral and mineral based
products for 2009.
