Piramal Glass Ceylon Plc (PGC), Sri Lanka’s biggest glass bottle maker, said last week that it has reported a turnaround in the second quarter of the 2009-10 financial year with revenues up by 28% to Rs 951 million, while operating profits were up by 32% to Rs 302 million.
The company, as a result, reported a net profit of Rs 0.7 million after six consecutive quarters of net losses. “Piramal Glass Ceylon Plc is a manufacturer of flaconnage (glass containers) for food and beverages, cosmetics, perfumery, as well as pharmaceuticals and it has reported a turnaround in their second quarter results for the financial year 2010,” said CEO and Executive Director of PGC, Sanjay Tiwari.
He said this quarter’s performance is the outcome of improved manufacturing operations, an increase in export market share and focused efforts towards cost optimization.
As the sole manufacturer of glass bottles in the country the company has to feed the entire local market, with the surplus being exported.
“As a result of global recession the export market has become increasingly competitive with China and India posing serious threats.
The company’s ability to withstand such competition was derived solely from its niche colouring facility and the availability of the Plant’s full capacity, which has not only enabled increased production, but has helped the Company to become more competitive in the international market,” he said. |
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