Apr 27, 2011 (LBO) - Sri Lanka's Piramal Glass Ceylon said the firm returned to profits in the year ending March 2011 amid strong local demand following the end of a war, and a strategy to focus on high margin exports.
The firm reported annual profits of 578 million rupees from a loss of 61 million a year earlier, giving earnings per share of 61 cents. The stock traded at 11.40 rupees intra-day Wednesday.
Revenues grew 18.3 percent to 4.1 billion rupees, with local sales rising to 3.1 billion rupees from 2.3 billion and exports easing to 1.0 billion rupees from 1.1 billion.
"With peace being restored in the region, the domestic market contributed significantly during the year under review," the firm said in a statement.
While local revenues grew 34 percent, volumes expanded 24 percent.
"The export product portfolio saw a gradual shift from mass market to high end premium market segment yielding higher realizations," the firm said.
"Speciality (high end) market segment grew by 24 percent in volume from 8,607 tonnes to 10,660 tonnes whilst the company voluntarily reduced the mass market segment by 60 percent."
"Several new products were designed and launched in the export market which yielded high realisation to the profitability."
Piramal Glass said a new factory outside Sri Lanka's capital Colombo to which production was shifted was more cost efficient, despite steep price rises in energy.
"Improved efficiencies and speeds contributed towards the final profitability. During the period the company was able to produce 11% more than the previous year," the firm said.
"This helped the company maintain the cost of bottles amidst the raw material cost increases.
"The unprecedented increase in energy prices namely LPG Gas, Electricity tariff and Furnace oil has impacted the over all cost of production."
Piramal Glass said it was holding its property at Ratmalana, a suburb south of Colombo which was valued at 700 million rupees, with no decision yet on its use.
source - http://www.lbo.lk/
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