Piramal Glass has reported net profits up to Rs.208 million for the fourth quarter, compared to Rs.61 million in the corresponding quarter of the previous year.
Piramal Glass (Ceylon) PLC, the glass bottle maker unit of India’s Pirama Group, said it had an “exceptional” fourth quarter (4Q15) with the net profits surging to Rs.208 million, compared to Rs.61 million in the corresponding quarter of the previous year.
Piramal Glass directors have proposed a 23% dividend, in line with the firm’s consistent policy of 50% dividend pay-out ratio. The earnings per share improved to 21 cents from 7 cents in the same quarter of the previous year.
The sales grew 21% year-on-year (yoy) to Rs.1.64 billion while domestic sales for the quarter saw an increase of 25% yoy and 8% yoy.
The company said the “exceptional” growth in the 4Q15 due to Sinhala and Tamil New Year helped to record turnover of Rs.5.8 billion for FY15, up 11% yoy.
The net profit for the year was Rs.439.4 million, up from Rs.283.2 million.
The company said the domestic market saw a market improvement during the year under review as it was able to cross an annual sale of Rs.4 billion with a 17% growth yoy, mainly coming from food & beverages segment.
“The export market too thrived with the company entering into several new markets namely USA, Philippines, Isarale, Nepal and Kenya,” a Piramal Glass statement said.
“We were able to develop several new products in the international market despite having to curtail export volumes to give performance to the commitment to the seasonal domestic demand,” it added.
The company also said the operational achievements were partly marred by the furnace oil rate which still has not been rectified as per the international rates.
The company has been calling for authorities to adjust the local furnace oil prices, its main source of energy, according to international prices.
Piramal Glass has a 250 tonne capacity manufacturing facility in Horana, which has the capability to offer glass containers in different shapes and colours for multiple industries such as food, liquor, pharmaceutical, agro chemical and soft drinks.