Piramal Glass Ceylon PLC has suffered a pre-tax loss of Rs. 49.2 million in Q1 FY2020/21, a complete reversal from the Rs. 41.4 million in pre-tax profit it enjoyed in Q1 2019/20.
Its revenue for Q1 is Rs. 1,330 million and the post-tax loss is Rs. 44 million, as against the revenue of Rs. 1,585 million and post-tax profit of Rs. 21 million during the similar period of the previous year.
Gross profit for the period under review is Rs. 110 million as against Rs. 240 million in the corresponding period of the previous year. Even though production was stopped from 20 March, the company continued to incur fixed energy and labour costs in order to keep the furnaces alive during the period under review.
The financial year commenced at the time when the country was passing through a complete lockdown situation. All production lines came to a standstill from 20 March 2020. The company was able to resume partial operations from 17 April 2020 post approval by the National Action Committee to prevent the spread of Covid. The company commenced operations in a phased out manner and was back to 100% operations by the third week of May 2020, resulting in a loss of sales revenue of Rs. 700 million.
“We are facing the most unprecedented times in the history of mankind and perhaps definitely in our lifetimes with the onset of the worst global pandemic – (the) coronavirus disease (Covid-19). It has affected all countries and communities in the world with no concrete solution in sight as either a vaccine or medication,” said Piramal Glass Chief Executive Officer (CEO) Sanjay Jain.
Domestic market
During the months of April and May 2020, sales were subdued as customers who were manufacturing only essential products were functioning and that too at just 50% capacity. From June 2020, the domestic market demand stabilised and international markets opened up for business. Domestic sales stood at Rs. 938 million as against Rs. 1,162 million of the similar quarter of the previous year, reflecting a negative growth of 19%.
Exports
Non-availability of vessels for India, the US, and East Africa impacted export performance, but at the same time a spurt in demand for food jars from Australia and New Zealand helped to compensate. Export sales for the quarter were almost at par at Rs. 393 million as against Rs. 396 million during the corresponding quarter of last year.
The management said it firmly believes that with new product development and inroads into new markets such as Mexico, Angola, and Indonesia, as well as the increased demand from Australia, Piramal Glass will be able to sustain the ongoing operations profitably.Piramal Glass reports pre-tax loss of Rs. 49 m in Q1
20 Aug 2020
Piramal Glass reports pre-tax loss of Rs. 49 m in Q1
20 Aug 2020
Piramal Glass Ceylon PLC has suffered a pre-tax loss of Rs. 49.2 million in Q1 FY2020/21, a complete reversal from the Rs. 41.4 million in pre-tax profit it enjoyed in Q1 2019/20.
Its revenue for Q1 is Rs. 1,330 million and the post-tax loss is Rs. 44 million, as against the revenue of Rs. 1,585 million and post-tax profit of Rs. 21 million during the similar period of the previous year.
Gross profit for the period under review is Rs. 110 million as against Rs. 240 million in the corresponding period of the previous year. Even though production was stopped from 20 March, the company continued to incur fixed energy and labour costs in order to keep the furnaces alive during the period under review.
The financial year commenced at the time when the country was passing through a complete lockdown situation. All production lines came to a standstill from 20 March 2020. The company was able to resume partial operations from 17 April 2020 post approval by the National Action Committee to prevent the spread of Covid. The company commenced operations in a phased out manner and was back to 100% operations by the third week of May 2020, resulting in a loss of sales revenue of Rs. 700 million.
“We are facing the most unprecedented times in the history of mankind and perhaps definitely in our lifetimes with the onset of the worst global pandemic – (the) coronavirus disease (Covid-19). It has affected all countries and communities in the world with no concrete solution in sight as either a vaccine or medication,” said Piramal Glass Chief Executive Officer (CEO) Sanjay Jain.
Domestic market
During the months of April and May 2020, sales were subdued as customers who were manufacturing only essential products were functioning and that too at just 50% capacity. From June 2020, the domestic market demand stabilised and international markets opened up for business. Domestic sales stood at Rs. 938 million as against Rs. 1,162 million of the similar quarter of the previous year, reflecting a negative growth of 19%.
Exports
Non-availability of vessels for India, the US, and East Africa impacted export performance, but at the same time a spurt in demand for food jars from Australia and New Zealand helped to compensate. Export sales for the quarter were almost at par at Rs. 393 million as against Rs. 396 million during the corresponding quarter of last year.
The management said it firmly believes that with new product development and inroads into new markets such as Mexico, Angola, and Indonesia, as well as the increased demand from Australia, Piramal Glass will be able to sustain the ongoing operations profitably.Kapruka
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Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!