Piramal Glass Ceylon revenue of Rs 1.33 bn in Q1- F21
View(s):Piramal Glass Ceylon has said that the company is facing the most unprecedented times in the history of mankind with the onset of the worst global pandemic – COVID-19. “It has affected all countries and communities in the world with no concrete solution in sight as either a vaccine or medication,” said CEO Piramal Glass, Sanjay Jain in the company’s latest results for first quarter 2020/21.
The financial year commenced at the time when the country was passing through a complete lockdown situation. All production lines came to a standstill from March 20. The company was able to resume partial operations from mid-April, first in a phased out manner and back to 100 per cent by the third week of May 2020, resulting in a loss of sales revenue of Rs. 700 million.
The company, in the first quarter of FY 2020-21, reported revenue of Rs. 1,330 and a loss of Rs. 44 million, as against revenue of Rs 1,585 million and profit of Rs.21 million during the similar period of the previous year.
During the months of April and May 2020, sales were subdued as customers who were manufacturing only essential products were functioning and that too at just 50 per cent capacity. From June the domestic market demand stabilised and international markets opened up for business.
Domestic sales stood at Rs.938 million as against Rs.1,162 million in the similar quarter of the previous year.
Gross profit for the period under review is Rs. 110 million as against Rs. 240 million in the corresponding period of the previous year.