Piramal Glass Ceylon PLC has successfully completed the first half of F2017 with its revenue crossing Rs. 3 billion mark and with a growth of 3% as against previous year H1, the company stated in a media release.
This was a remarkable performance as the company had to supply the market whilst its factory was non-operational for a period of two months for the upgrade and capacity enhancement.
During this period the market was supplied with bottles from the limited stock company had built and balance through trading. Almost 50% of the sale was sourced from imports. Bottles were mainly imported from the parent company, Piramal Glass limited, India (PGL). The company with the help of PGL ensured timely delivery with least stock holding costs to both parties.
CEO and Managing Director of Piramal Glass Ceylon, Sanjay Tiwari said, “We are very positive about the future of the company. With the enhanced and modernized infrastructure now in place we are confident that we would be able to keep up the same momentum of performance. We will achieve this by fully serving the domestic market and increasing the business on the specialized segments in the international market.”
Trading of bottles is not at all a profitable venture as due to cost differential of bottles in India and other parts of world and huge transportation cost. Yet a conscious decision was taken by the management to import even at break-even price to ensure customer of continuous deliveries thereby maintaining the commitment of uninterrupted supplies to all segments. Nevertheless this decision has impacted the profitability margins during the 1st half of the year as against the previous year.