Sri Lanka Piramal Glass profits up five fold in Dec

Jan 21, 2010 (LBO) – Sri Lanka’s Piramal Glass Ceylon, a unit of India’s Piramal Glass said profits in the December 2010 quarter rose more than five fold to 190 million rupees from 28.6 million a year earlier. The firm which makes glassware saw revenues grow 28.2 percent to 1,166 million rupees according to unaudited accounts filed with the Colombo Stock Exchange.

Gross profits rose at a faster 38.8 percent to 359.7 million rupees.

Finance costs fell 40 percent to 74.2 million rupees. Sri Lanka’s interest rates have fallen and economic growth has picked up to around 8.0 percent in 2010 from 3.5 percent a year earlier.

The firm said earnings were 20 cents per share for the quarter. For the nine months earnings were 42 cents per share.

Demand for goods such as beer which used glass containers has also gone up. Piramal Glass also exports its products.