Piramal Glass Ceylon PLC said this week it recorded its highest-ever post-tax profit of Rs.687 in the year ending March 31, 2012.
A revenue growth of 23% as against last year and the profit after tax growth of 19% from Rs 578 million last year to Rs.687 million this year has ensured the board of directors declaring a first and final dividend of 36%, a media statement from the compny said.
PGC’s Chief Executive Officer and Executive Director, Sanjay Tiwari while announcing PGC’s results said, “We’re proud to report that we have bettered all the previous best ever results this year with this exceptional performance.
This year we have ensured the sustenance and continuity of the rich harvest we started reaping from our facility at Horana.” Revenue achieved for the year was Rs 5.1 billion, up 23% from Rs.4.1 billion in the previous year.
The domestic market saw a significant growth of 23% from Rs. 3.1 billion to Rs. 3.8 billion. The major portion of growth was contributed by the liquor and food and beverage segments.
The statement said during the year the company was also able to establish markets in New Zealand and Australia helping export sales to cross the Rs. 1 billion mark for the third consecutive year.
The rupee depreciation had a significant impact on the foreign exchange loan the company obtained in 2009. A loss of over Rs. 100 million has been booked under administrative costs by revaluing the closing balance of the US dollar loan at 31st March 2012 rates, the statement said.