Business

Piramal triples first half profit

Published

5 years ago

2020/10/18

Piramal Glass Ceylon PLC, the sole player in the domestic glass container industry, with a significant export presence, has posted an exceptional first half in the current financial, better than tripling its profit to Rs. 316 million from Rs. 95 million earned a year earlier when business took a punch from the Covid pandemic following the Easter bomb.

Indian-controlled Piramal, quoted on the CSE, said in a news release announcing its half year results that it expected to do well in the second half of the year as well saying “we are hopeful to sustain and further improve the performance as there is a healthy pipeline for new products and new customers in the international market.”

The first half results were achieved despite modest turnover growth, up to Rs. 3.56 billion from Rs. 3.53 billion a year earlier.

The company’s share price gained sharply on the CSE following the release of the first half results.

Reporting that the period under review began with the Covid lockdown with production commencing at 25% capacity by making glass containers for food and pharmaceutical customers. Operations normalizing by mid-May resulting in a first quarter setback.

But demand had begun improving from the second quarter with revenue of Rs. 2.23 billion generated against Rs. 1.94 billion a year earlier, up 14.2%. Profit after tax for the quarter ended Sept. 30,2020, was Rs. 360 million, up from Rs. 74 million a year earlier.

Reporting 20% growth in the domestic market with sales up to Rs. 1.56 billion from Rs. 1.29 billion a year earlier, Piramal said there was a steep rise in demand for its products as a result of panic buying of food. This resulted in higher sales of food jars locally. The demand from the pharmaceutical and agro industries also showed a healthy upward growth though the beverage market saw a setback due to restrictions on social and festive gatherings.

Export sales gained marginally at Rs. 670 million, up from Rs. 651 million a year earlier. The company said improved exports were achieved in the face in limitation of vessel availability in major markets with exports even to India and Pakistan impacted.

“However, the demand of flavoured water bottles for Canadian and North American markets and higher demand for food jars in Australia helped surpass last years sales,” Piramal said. “The company also made inroads in new markets such as UK, Mexico, Colombia and Netherlands with food jars and high-end liquor bottles.”

Piramal Glass Ceylon (formerly Ceylon Glass Company) is the only glass bottle manufacturing plant in Sri Lanka. Coming under the umbrella of India’s Pirmal Group in 1999, its factory was relocated to Horana from Ratmalana in 2007 as a BOI venture.

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Business

Sri Lanka secures IMF staff-level deal for USD 700 million tranche

Published

8 hours ago

2026/04/10

Thilina Walpola

Sri Lanka has reached a staff-level agreement with the International Monetary Fund to secure the next tranche of funding under its ongoing bailout programme, marking a key step in the country’s fragile economic recovery.

The agreement, announced this week, will enable Sri Lanka to access approximately USD 700 million, subject to approval by the IMF Executive Board. The funds form part of the USD 2.9 billion Extended Fund Facility (EFF) programme agreed following the 2022 economic crisis.

The latest development covers the combined fifth and sixth reviews of Sri Lanka’s reform programme, indicating that the country has made sufficient progress to move forward, while highlighting the need to sustain reform efforts.

Sri Lanka’s economy has shown signs of stabilisation in recent months, supported by improved revenue collection, easing inflation, and a gradual buildup of foreign reserves. However, the recovery remains vulnerable to both domestic and external pressures.

By Ifham Nizam

Business

Israeli attack on Lebanon triggers local stock market volatility

Published

8 hours ago

2026/04/10

Thilina Walpola

Initially CSE trading was somewhat volatile despite the ceasefire in West Asia but it experienced further volatility after Israel attacked Lebanon yesterday.

However, the IMF delegation which is now in Sri Lanka to release two tranches of its relief package created some positive sentiments for the market, analysts said.

The All Share Price Index went down by 73.06 points, while the S and P SL20 rose by 10.57 points.

Turnover stood at Rs 2.96 billion with six crossings. Those crossings were: JKH 5.5 million shares crossed to the tune of Rs 807.6 million and its shares traded at Rs 19.70, CIC Holdings two million shares crossed for Rs 54 million; its shares traded at Rs 32, Access Engineering 600,000 shares crossed for Rs 44.4 million; its shares traded at Rs 74, Central Finance 116,000 shares crossed to the tune of Rs 27.5 million ; its shares sold at Rs 237, LMF 250,000 shares crossed for Rs 22.8 million; its shares fetched Rs 91.10 and Kelani Cables 200,000 shares crossed for Rs 21 million and its shares traded at Rs 105.

In the retail market seven companies that mainly contributed to the turnover were; Dialog Rs237 million (7.5 million shares traded), LMF Rs 203 million (22 million shares traded), Colombo Dockyard Rs 199.7 million (1.1 million shares traded), HBA Foods Rs 163 million (18.5 million shares traded), JKH Rs 156 million (7.8 million shares traded), JKH Rs 156 million (7.8 million shares traded), Softlogic Holdings Rs 117 million (9.6 million shares traded) and Acme Printers Rs 107 million (15.6 million shares traded). During the day 133.3 million share volumes changed hands in 23666 transactions.

It is said that manufacturing sector counters, like JKH, performed well, while food sector counters, especially LMF and HBA Foods, performed well. Other sectors too performed somewhat well during the day.

Yesterday the rupee was quoted a Rs 315.42/48 to the US dollar in the spot market from 315.30/40 the previous day, dealers said, while bond yields were quoted higher.

By Hiran H. Senewiratne

Business

HNB Assurance marks 25 years with strategic transformation to ‘HNB Life’

Published

8 hours ago

2026/04/10

Thilina Walpola

Highlights from the new brand reveal as HNB Assurance transforms into HNB Life

Marking 25 years of trust, growth, and service excellence, HNB Assurance PLC has unveiled its new corporate identity, transitioning to HNB Life PLC a strategic evolution that reflects the company’s forward-looking vision and commitment to empowering lives with protection and the freedom to thrive, no matter where life takes them.

This milestone signifies more than a change in name or visual identity. It represents a deliberate transformation shaped by strong performance over the past few years, during which the company has achieved remarkable growth, strengthened its market position and enhanced its customer-centric capabilities.

The newly introduced logo, inspired by the form of a wing, symbolises HNB Life’s role as a proactive enabler. It reflects the organisation’s commitment to supporting individuals in navigating life’s journey with confidence, empowering them to pursue their aspirations and live life on their own terms.

The official unveiling took place at a launch event attended by key stakeholders, strategic business partners, well-wishers and employees.

Addressing the gathering, Chairman, Stuart Chapman highlighted the significance of this transformation, stating, “As we mark 25 years of progress, the transition to HNB Life reflects our strategic intent to evolve with the changing needs of our customers and the broader market. This new identity embodies our purpose, to enable and empower individuals to achieve what they truly aspire to in life, with confidence and security. As a company we are extremely excited on what the future holds for as, as we build on an incredible foundation laid over the past two and a half decades.”

The new Vision of the Company is “To be the leader in empowering lives with protection and freedom to thrive, no matter where life takes them”.