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02 May, 2013 08:31 AM Source: Lanka Business Online - LBO
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Sri Lanka's Piramal Glass said profits rose 5.6 percent to 724.3 million rupees in the year to March 2012 from a year earlier, exports were doing well, but warned against higher energy costs this year.

The firm reported earnings of 76 cents for the year, in accounts filed with the Colombo Stock Exchange.
Revenues rose 5.8 percent to 5.5 billion rupees, expenses rose 7.9 percent to 3.95 billion rupees and gross profits rose 0.7 percent to 1.54 billion rupees from during the year.

It did not separately file quarterly accounts but based on third quarter accounts profits rose 7.2 percent to 105 million rupees in the March quarter from a year earlier.

Revenues dropped 2.2 percent to 1,406 million rupees in the March quarter from a year earlier, cost of sales dropped at a faster 3.1 percent to 1,001 million rupees allowing gross profits to remain mostly flat at 405 million rupees in the quarter.

The company said in a statement that export revenues rose 12 percent in the 2012 financial year while the domestic market had a value growth of 4.0 percent due to new products but volumes fell 10 percent from the previous financial year.

New bottle consumed in the liquor market had fallen due to the import of second hand bottles from India. More...

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