Piramal Glass Ceylon PLC reported its nine-month results as at December 31, 2020, with a turnover of Rs. 5,961 million and PAT of Rs. 694 million as against Rs. 5,832 million and Rs. 330 million in the previous year during the similar period.
The Company reported a growth of 2% in revenue with 110% growth in PAT. The domestic sales during the period market grew by 6% from Rs. 3,982 million to 4,176 million whilst a marginal drop was seen in the export market from Rs. 1,850 million in F20 to Rs. 1,785 million in F21.
During the quarter (Q3) under review, a revenue of Rs. 2,401 million was achieved as against Rs. 2,305 million of the corresponding period during the previous year.
The Company reported a profit after tax of Rs. 378 million for the quarter as against Rs. 236 million of the corresponding quarter in the previous year reflecting a growth of 60%.
The sales to the domestic market grew by 12% from Rs. 1,502 million to Rs.1,679 million. In the export segment the sales declined by 10% with Rs.722 million as against Rs. 803 million in the corresponding period last year, mainly due to restricted vessel options to countries such as Australia, USA and India. However, the Company is optimistic of recovering the deferred export sales in Q4 when the situation is normalised.