Sri Lanka's Piramal Glass net up 7.8-pct

Jan 31, 2012 (LBO) - Sri Lanka listed Piramal Glass, a unit of India's Piramal group said profits in the December 2011 quarter rose 7.8 percent to 204 million rupees from a year earlier, with revenues growing 17 percent to 1.34 billion rupees.

The firm reported earnings of 22 cents for the quarter in interim accounts filed with the Colombo Stock Exchange.

In the nine months to December it reported earnings of 62 cents per share on profits of 588 million rupees, up 47 percent from a year earlier.

The stock closed at 7.40 rupees Monday.

The firm produces glass container for domestic and export markets.

As revenues grew 17.9 percent, the firm said cost of sales grew at a faster 21.6 percent to 981 million, allowing gross profit to grow at a slower 9.5 percent to 393 million rupees.

Administration expenses rose to 120 million rupees from 64 million a year earlier, but interest cost fell to 56 million rupees from 74 million.