Sri Lanka’s Piramal Glass Ceylon Plc (PGC), a manufacturer of flaconnage (glass containers) for speciality food and beverage, cosmetics, perfumery, agro chemicals, wine as well as pharmaceuticals; reported a net profit of Rs. 210.2 million in the first six months of the financial year 2010-11 against a loss of Rs 118 million during the corresponding period of the past financial year.
CEO & Managing Director Piramal Glass, Sanjay Tiwari, said “the quarter ended 30th September 2010 has seen a stellar performance through significant growth in the domestic market share as well as in the premium segment of the export market. The total sales for the quarter grew by 8% to Rs 1,026.2 million compared with that of the same period the previous year; a contribution that was mainly driven by domestic sales which showed a growth of 27% during the quarter under review. The premium segment in the export market too has shown a growth of 30% during the quarter under review.”
According to Mr Tiwari, all the sectors in the domestic market, namely food and beverage, pharmaceuticals, liquor and cosmetics, too showed double digit growth during the period under review. In the export market, the premium segment contributed to 70% of the export sales, displaying a growth of 30% . “All this contributed to the growth of 43% in the gross profit margins of the company to Rs 385.2 million over the corresponding period of the past year,” he said in a statement.
He said the company has been continuously focusing on developing niche products in the export segment which gives better realisations. “The launch of ‘VAT 69’ is the success story of one such attempt. PGC supplied Diageo India, with the ‘VAT 69’ bottles in a shade of antique green for the launch of it’s premium blend Scotch Whiskey belonging to the 18th century which proved to be a resounding success,” he said. |
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