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Sri Lanka's Piramal Glass sees slight demand pick up
16 Jul, 2014 08:06:30
July 16, 2014 (LBO) - Piramal Glass Ceylon Plc said domestic demand rose 8 percent in the June 2014 quarter from a year earlier and recurring profits were up with interest costs coming down.
Recurring profit after tax rose to 86 million rupees in the June 2014 quarter from 61 million rupees a year earlier, helped by a 41 percent reduction in interest costs to 32 million rupees, the firm said.

The firm reported earnings of 9 cents per share for the quarter. Amid a rise in costs the gross profit margin declined marginally to 21 percent from 22 percent a year earlier.

Last year June quarter profits rose to 358 million rupees helped by a 296 million rupees capital gain from a land sale.

The firm said it had also repaid most of its long term loans.

Sri Lanka is recovering from a balance of payments crisis triggered by a credit bubble worsened by bank loan funded energy subsidies by the state, where an interest rate rise was resisted by the Central Bank through sterilized forex sales.

The subsequent adjustments which also involved currency depreciation and a rate hike, hit domestic demand and credit, slowing activity.

Revenues rose to 1.244 million rupees from 1223 million rupees despite a fall in export sales by 19 percent to 251 million rupees.

The firm said exports to India had been hurt for several quarters due to currency depreciation in that country but were now recovering.

Domestic demand had also begun to pick, Piramal Glass said rising 8 percent to 994 million rupees.

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