Piramal Glass Ceylon PLC released its results for the first Quarter of FY 2020-21 with Rs. 1,330 million of revenue and a loss of Rs. 44 million, as against the revenue of Rs 1585 million and profit of Rs.21 million during the similar period of the previous year.
“We are facing the most unprecedented times in the history of mankind and perhaps definitely in our life times with the onset of the worst global pandemic - Coronavirus disease (Covid-19). It has affected all countries and communities in the world with no concrete solution in sight as either a vaccine or medication”, said CEO Piramal Glass, Sanjay Jain.
The Company commenced operations in a phased out manner and was back to 100% operations by the third week of May 2020, resulting in a loss of sales revenue of Rs 700 million.
During the months of April and May 2020, sales were subdued in the domestic market as customers who were manufacturing only essential products were functioning and that too at just 50% capacity.
From June 2020, the domestic market demand stabilized and international markets opened up for business. The Domestic sale stood at LKR 938 Million as against LKR 1,162 million of the similar quarter of the previous year, reflecting a de-growth of 19%.
Non-availability of vessels for India, USA and East Africa impacted export performance, but at the same time a spurt in demand for food jars from Australia and New Zealand helped to compensate. The Export sales for the quarter were almost at par at LKR. 393 million as against LKR 396 million during the corresponding quarter of last year.
The Management firmly believes that with the New Product Development and inroads into new markets such as Mexico, Angola and Indonesia as well as the increased demand from Australia, PGC will be able to sustain the ongoing operations profitably. “We are witnessing a global surge in demand for glass containers in the Food & Pharmaceutical category; due to which PGC is poised to retain the volumes in domestic and international markets and continue the growth trajectory”.
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