Piramal Glass Ceylon (PGC) has completed another successful year with its highest ever turnover of Rs. 6,783 million and profit of Rs. 485 million amidst a year with two-month closure for furnace relining and upgrade.
With this achievement the Board of Directors have proposed a dividend of 26% thereby maintaining its consistent policy of dividend pay-out ratio of 50%.
Total revenue achieved for the year was Rs 6,783 million as against Rs. 6,755 million in the previous year. The domestic revenue remained almost at the same level as the previous year with Rs. 5,574 million in 2017 as against Rs. 5,437 in the previous year.
The gross profit (GP) for the year fell from Rs. 1,497 million to Rs. 1,371 million due to high trading volume done to facilitate customers during the furnace shutdown period. The GP margin dropped from 22% to 20%.
Over Rs. 2,104 million of trading was done during the year which yielded very slim margins. These imports were done from various sources, including Piramal Glass India, based on the segment, price and quality requirements.
The same impact was depicted in profit before tax and profit after tax figures. During the year under review the company achieved profit before tax of Rs. 603 million as against Rs. 805 million in the previous year and a profit after tax of Rs. 485 million as against Rs. 654 million in the previous year.
The export market sale in 2017 was Rs. 1,209 million as against Rs. 1,318 in 2016. The decline was due to capacity constraints resulting from two months of furnace closure.
The export market was managed by servicing the high-end niche segment. Also amidst these constrains several new bottles were launched and commercialised in the US and Australian markets.
0 comments: