Piramal turnover crosses Rs.7 bn
View(s):Piramal Glass Ceylon PLC (PGC) completed yet another challenging year with its highest ever export turnover, post-tax profit (PAT) of Rs. 346 million and overall turnover crossing Rs. 7 billion.
Total revenue achieved for the year was Rs.7,398 million as against Rs.6,816 million the previous year. Domestic revenue remained almost at par with the previous year at Rs. 4,690 million. Food and Liquor segments were mainly affected although a marginal improvement was noted in the fourth quarter particularly in the Liquor segment, mainly due to the seasonal demand. “The 4th Quarter, which is otherwise always positive due to the festival season, could not pick up this year due to political instability in the country,” the company said in a media release. Gross Profit during the year dropped from Rs. 1422 million to Rs. 1,406 million in F2019 which subsequently affected the operating profits which stood at Rs. 846 million as against Rs. 869 million of the previous year.
As notified earlier, Mr. Sanjay Tiwari, CEO and Managing Director is transferred to head its manufacturing operations in the US as the CEO of Piramal Glass USA Inc. Mr Tiwari served PGC Plc for the past 13 years and will continue to be in the board of Directors overseeing the operations.
Sanjay Jain has taken over from Mr. Tiwari. Mr. Jain, a Mechanical Engineer, has experience of over 29 years in marketing and manufacturing and his last assignment with the parent group was as Vice President Marketing.