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25 April, 2014 08:59 AM Source: Lanka Business Online - LBO

Apr 25, 2014 (LBO) - Sri Lanka's Piramal Glass Ceylon Plc, said profits fell 41 percent to 62 million rupees in the March 2014 quarter from a year earlier amid a drop in domestic demand, but the firm was growing its export volumes.

The firm reported earnings of 7 cents per share for the quarter. For the full year to March, profits were 835 million rupees or 88 cents per share helped by a 652 million rupees gain on a land sale.
In the March quarter revenues rose 0.81 percent to 1355.8 million rupees but cost of production rose at a faster 19.8 percent to 1,170 million rupees, shrinking gross profits 49 percent to 185 million rupees.

In the full year revenues fell 5 percent to 5.2 billion rupees from 5.5 billion rupees a year earlier, cost of production rose to 4.4 billion rupees from 3.9 billion rupees and gross profit fell to 805 million rupees from 1.56 billion rupees.

The firm said domestic sales fell 9 percent to 3,774 million rupees and export sales grew 6 percent to 1,446 million rupees.

Piramal Glass said demand for beer and beverages dropped by almost 10,000 tonnes of glass bottles and other segments were also static.
"Though the glass bottles are eco friendly and reusable most of Piramal’s customers have experienced and observed a shift in trend from glass bottles to other forms of packaging which in the longer run may not be sustainable," the firm said.

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