Piramal Glass Ceylon: Domestic sales down 18%

Piramal Glass Ceylon PLC (PGC) has announced its 3rd Quarter results for the Financial Year 2013-14 with a dip in both the Turnover and the operating profitability for the Quarter as well as for the year.

The sales were at Rs. 3,864 million as against Rs. 4,156 million in the first nine months of the previous year and the PBT from operations was at Rs. 130 million as against Rs. 636 million, whilst the company reported an overall Profit before Tax of Rs. 783Mn which includes the profit from the sale of land.The YTD sale saw a drop of 7% which was contributed with a decline of 11% in the domestic market from Rs.3,107Mn in F 2013 to Rs.2,755Mn in F 2014 and growth of 5% in the export market from Rs.1,049Mn in the first nine months of F2013 to Rs.1,109Mn in the similar period of F 2014.The company achieved a sale of Rs. 1,389 million in Q3 F2014 as compared to Rs. 1,525 million in Q3 of F2013.The domestic sale fell by 18% from Rs. 1,107 million to Rs. 967 million. The main sectors affected in the domestic market were the Aerated Water and the Beer segments. The export sales remained on par with that of the previous year during the quarter at Rs.422Mn.

The operating Profits for the Quarter fell from 19% of Q3 in F2013 to 7% in Q3 of F2014.

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