After enduring some tough times, Piramal Glass Ceylon was also on course by recording a satisfactory recovery when it ended the nine months ended on December 31, 2019 with a growth in both revenue and profitability.
As compared to the same period previous year, the performance for the 9 month period ended December 31, 2019 reflected a growth of 6% in the sales and a doubling in profit after tax. The company started the 4th Quarter with ambitious plans, as the demand spikes during Sinhala and Tamil New Year.
“However, with the sudden emergence of the Covid-19 pandemic, the scenario was in complete contrast and witnessed stoppages of production and sales in the second half of March, 2020 resulting in loss of revenue to the extent of Rs 450 million. What otherwise would have been the ‘best business month of the year’ was adversely affected due to curfew imposed in many areas and restricted working hours.” Vijay Shah Chairman of Piramal Glass Ceylon said in the company’s annual report for 2019-2020.
Despite no production the furnace was kept running while incurring considerable energy costs (almost 60%) and, of course, manpower cost. With the Food & Pharmaceutical industries being declared as essential services the Company commenced partial operations by mid-April and was back in full operations by mid-May. During these times, your company took care of all the employees, customers and society by following all prescribed guidelines and precautions issued by the Government for Covid-19. Even though the year closed in an unprecedented manner, F20 has been an exhilarating year for Piramal Glass Ceylon (PGC) and a milestone in the history of your company. The year under review saw the completion of the capacity enhancement project, initiated by the Company in F17. “This investment will facilitate the company to utilize its installed capacity to maximum.”
The total revenue for the financial year under review was Rs.7, 531 million and would have surpassed the Rs. 8 billion mark had it not been for the unfortunate event at the year end.
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