Piramal Glass turnover for the nine months ended December 31,2016 has crossed Rs.5 bn mark.
The total Turnover showed a growth of 6% from Rs 4,817 mn to Rs 5,108 mn. This was contributed by 7% growth in domestic sales from Rs 3,888 mn to Rs 4,149 mn and 3% increase in export sales of Rs 929 Mn from Rs 959 mn.
During the year the company's export portfolio has showed a marked increase in its sales to USA.
The Profit Before Tax for the nine months period was Rs. 352 mn as against Rs, 576 mn in the similar period in the previous year .
The major reasons for lower profitability are the long term loan interest cost has yet again started rising from this quarter on wards due to the long term loan of Rs. 3 bn obtained for the relining and the continuous upward trend of LPG prices which has a major impact on the cost of production.
For Q3 ended on 31st December,2016, The sales was Rs. 1,979 mn which is an 11% growth over the previous year similar period turnover of Rs. 1,778 mn.
During the Quarter the domestic market showed a growth of 12% from Rs. 1,391 mn to Rs.1,563 mn whilst the export market growth was 8% from Rs. 387 mn to Rs. 416 mn.
All sectors contributed positively whilst food and beverage segment continued to dominate the sale.
This is the first quarter in operation after the company plant shutdown of two months for its capacity enhancement and upgradation.
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