November 19, 2021, 12:00-0-{{hitsCtrl.values.hits}}

PGP Glass Ceylon PLC reported a decline in profits for the three months to September because the company’s revenue in both the domestic and export markets was impaired, and due to rising global commodity prices, the company continued to focus on high-quality products, and costs rose sharply. The market, this can partially offset soaring costs. 

The only glass bottle manufacturer in Sri Lanka, formerly Piramal Glass Ceylon PLC, had revenue of Rs 2.26 billion for the July-September quarter, which was basically the same as that of Rs 2.23 billion in the same period last year. The company reported earnings for the quarter of 32 cents or 3.076 crore, compared with 38 cents or 359.9 crore per share in the same period last year. 

The company stated that its domestic sales have lost 40 days due to the re-imposition of the blockade since mid-August, although the company overall managed to maintain its revenue at a level similar to last year. At the same time, due to the interruption of the global supply chain, the company was unable to fully realize its export potential in the previous quarter, which adversely affected container availability and freight costs, and freight rates increased several times. "Domestic sales for the quarter were Rs. 15.77 crore, compared to Rs 560 crore in the same period last year. Compared with the previous year, export revenue increased slightly by 3% and revenue was Rs. 6.87 crore. According to a statement, it was 670 million the previous year. 

In addition to revenue pressure, the company also bears the brunt of the world economy's soaring commodity prices, because they have to deal with rising input costs, energy costs and other management expenses, which is not uncommon for manufacturing companies since around 2019. . This year's quarter. The company also expects such costs to rise further in the near future. Sri Lankan producers have been facing close to double-digit inflation until August this year, and prices in September rose to 11.0% from the level a year ago. The company said: "We also faced a similar situation in the second half of the second quarter. The prices of raw materials, packaging materials and liquefied petroleum gas hit record highs and are expected to rise further in the next few days." 

In order to alleviate the unprecedented cost increase, the company said it plans to use digital and analytical tools to optimize its operations, while continuing to focus on providing international customers with high-quality products with decorations, and is expected to partially reduce the impact of soaring costs on domestic customers. market. At the same time, the company continues to seek to expand its international market portfolio to minimize demand fluctuations in any one or more markets caused by the uncertainty brought about by the pandemic. 

"The company is actively exploring new international markets for its specialty wine products. Sanjay Jain, executive director and chief operating officer of PGP Glass Ceylon, said: "The strategy of innovating in new product design and development and increasing its global footprint helps the company effectively Alleviated the fluctuation of existing market demand caused by the pandemic. "The company produces glass containers for multiple industries through its Horana plant, including food, wine, pharmaceuticals, agrochemicals and soft drinks. 

After PGP Glass Private Limited-India purchased 56.45% of Piramal Glass from the then controlling shareholder Piramal Glass Private Limited-India on March 30, 2021, the company was renamed as the current company name, since September 1st Effective. 

Since then, PGP Glass made a mandatory offer to purchase the remaining shares of the company, thereby obtaining 78.65% of the shares. 

The employee provident fund holds 9.51% of the company's shares and is the second largest shareholder.

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