Piramal Glass sells part of Ratmalana land for Rs. 355 mln
View(s):Piramal Glass Ceylon (PGC) has reported a 1st Quarter -2014 revenue of Rs. 1.2 billion and Rs. 358 million in post-tax profit which included profit of Rs. 297 million from the sale of its Ratmalana land.
Sales of glass products during the first three months were Rs. 1.2 billion, down 6 per cent from the same period last year, of which local sales stood at Rs. 916 million as against Rs. 932 of the similar quarter of the previous year. A company statement said sales were mainly affected by the low demand in the liquor and aerated water segment.
Piramal Glass Ceylon previously had its export market hub centralised around India. Yet presently with the devaluation of the Indian Rupee, exports to India have become quite competitive. Thus PGC has started a more focused market development in Australia, New Zealand, Mauritius etc, the company said.
“Several new bottles were developed during this quarter for the Australian and New Zealand market, and we hope the results of this would show during the latter part of this year,” said Managing Director and CEO Piramal Glass, Sanjay Tiwari.
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