Piramal Glass Ceylon year-end profits highest ever, proposes a 38% dividend
View(s):Piramal Glass Ceylon PLC has seen its year-end 31st March 2013 turnover rise to Rs. 5.5 billion while post-tax profit was the highest on record at Rs.724 million.
The Board of Directors declared a first and final dividend of 38 per cent compared to 36 per cent in the previous year, the company said.
Revenue achieved for the year was at Rs. 5.5 billion against Rs.5.2 billion in the previous year. The main contributor towards the revenue growth was the export market with a year on year growth of 12 per cent.
“The domestic market was able to sustain a value growth of 4 per cent mainly due to the new products launched during the year volumes fell by 0 per cent,” the company said.
CEO Piramal Glass, Sanjay Tiwari attributed this decline to the low consumption of new bottles in the liquor segment. “This is the outcome of the importation of cheap, substandard, branded, used second hand bottles from India to Sri Lanka for consumption in the liquor segment”.
Mr. Tiwari said that their profitability was sustained mainly due to their export product portfolio. The market reach established in the Australian and New Zealand markets last year also paid dividends during the year under review. The company has also launched several new products in different shapes and colours in both the domestic as well as International markets”.
Mr. Tiwari said the electricity price hike will have a substantial impact on the company’s energy bill. “As requested earlier the company has once again urged the Public Utilities Commission and the concerned government department to phase out the increase so that the burden can be absorbed by the company and its valued customers over a period of time,” he said.
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