Sri Lanka’s Piramal Glass Losses Extend to Sept Quarter

Sri Lankan glass manufacturer Piramal Glass Ceylon’s losses have extended to the September quarter as it grapples with high energy and raw material costs while commissioning its fifth production line at its new plant.

The company said in a stock exchange filing that the net loss for the September quarter was 33 million rupees (US$304095) compared with a net profit of 45 million in the same period a year ago. The firm, a unit of India’s Gujarat Glass, said sales rose 47.2 per cent to 742 million rupees from 504 million rupees a year ago.

High energy, raw material and packaging costs caused a loss of 120 million rupees in the June 2008 quarter compared with a 44 million rupee profit in the same period a year ago. The latest results showed losses in the first half ending September 30, 2008 were 153 million rupees compared with a net profit of 88 million the previous year. The firm’s cost of sales and finance costs have gone up sharply.

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600450 Sri Lanka’s Piramal Glass Losses Extend to Sept Quarter glassonweb.com

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