PGP GLASS CEYLON PLC
INTERIM FINANCIAL STATEMENTS
FOR THE THIRED QUARTER & NINE MONTHS ENDED
31 DECEMBER 2022
Company Registration No: PQ 190
No: 148 Maligawa Road
Borupana
Ratmalana
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(all amounts in Sri Lankan Rupees thousands)
Quarter ended | Nine months ended | |||
31 Dec 2022 | 31 Dec 2021 | 31 Dec 2022 | 31 Dec 2021 | |
Revenue | 5,856,865 | 2,923,291 | 14,689,475 | 7,063,654 |
Cost of Sales | (4,041,782) | (2,085,618) | (10,679,195) | (5,184,154) |
Gross Profit | 1,815,083 | 837,673 | 4,010,280 | 1,879,500 |
Other Operating Income | 18,747 | 29,963 | 79,543 | 87,960 |
Selling and Distribution Expenses | (106,851) | (57,930) | (287,740) | (153,392) |
Administrative Expenses | (294,727) | (120,226) | (504,394) | (310,900) |
Operating Profit | 1,432,252 | 689,480 | 3,297,689 | 1,503,168 |
Finance Costs | (100,365) | (42,332) | (265,082) | (121,737) |
Finance Income | 336 | 50 | 670 | 192 |
Profit before Tax | 1,332,223 | 647,198 | 3,033,277 | 1,381,623 |
Income Tax Expense | (446,150) | (112,398) | (758,570) | (303,792) |
Profit for the Period | 886,073 | 534,800 | 2,274,707 | 1,077,831 |
Other Comprehensive Income | ||||
Other Comprehensive Income not to be Reclassified to Profit or | ||||
Loss in Subsequent Periods: | ||||
Tax Effect on Revaluation Reserve due to change of tax rate | (3,451) | - | (3,451) | 4,987 |
Gain/(Loss) on Financial Investments - Fair Value through Other | ||||
Comprehensive Income | (160) | - | (639) | 15 |
Net Other Comprehensive Income/(Loss) not to be Reclassified to | ||||
Profit or Loss in Subsequent Periods | (3,611) | - | (4,090) | 5,002 |
Other Comprehensive Income/(Loss) for the Period Net of Tax | (3,611) | - | (4,090) | 5,002 |
Total Comprehensive Income for the Period Net of Tax | 882,462 | 534,800 | 2,270,617 | 1,082,833 |
Earnings Per Share - Basic/Diluted | 0.93 | 0.56 | 2.39 | 1.13 |
* The Above figures are subject to audit | ||||
* All figures in brackets indicate deductions |
STATEMENT OF CHANGES IN EQUITY
(all amounts in Sri Lankan Rupees thousands)
Stated Capital | Fair Value | Revaluation | Retained Earnings | Total | |
Reserve | Reserves | ||||
Rs. | Rs. | Rs. | Rs. | Rs. | |
As at 01 April 2021 | 1,526,407 | 1,876 | 99,873 | 3,940,467 | 5,568,623 |
Profit for the period | - | - | - | 1,077,831 | 1,077,831 |
Other comprehensive income | - | 15 | - | - | 15 |
Total comprehensive income | - | 15 | - | 1,077,831 | 1,077,846 |
Deffered tax effect on rate change | - | - | 4,987 | - | 4,987 |
Dividends paid | |||||
F21 - Final | - | - | - | (551,050) | (551,050) |
F22 - First Interim | - | - | - | (237,522) | (237,522) |
Unclaimed dividend write back | - | - | - | 4,812 | 4,812 |
As at 31 December 2021 | 1,526,407 | 1,891 | 104,860 | 4,234,538 | 5,867,696 |
Profit for the period | - | - | - | 836,713 | 836,713 |
Other comprehensive income | - | (477) | - | 63,808 | 63,331 |
Total comprehensive income | - | (477) | - | 900,521 | 900,044 |
Dividend paid | |||||
F22 - Final | - | - | - | (237,522) | (237,522) |
As at 31 March 2022 | 1,526,407 | 1,414 | 104,860 | 4,897,537 | 6,530,218 |
Profit for the period | - | - | - | 2,274,707 | 2,274,707 |
Other comprehensive income | - | (639) | - | - | (639) |
Total comprehensive income | - | (639) | - | 2,274,707 | 2,274,068 |
Deffered tax effect on rate change | - | - | (3,451) | - | (3,451) |
Unclaimed dividend write back | - | - | - | 7,746 | 7,746 |
As at 31 December 2022 | 1,526,407 | 775 | 101,409 | 7,179,990 | 8,808,581 |
* 31 December figures are subject to audit |
STATEMENT OF CASH FLOWS
(all amounts in Sri Lankan Rupees thousands) | ||
Nine months ended | ||
31 Dec 2022 | 31 Dec 2021 | |
Rs. | Rs. | |
Cash Flow from Operating Activities | ||
Net Profit before Tax | 3,033,277 | 1,381,623 |
Non-cash Adjustment to Reconcile Profit before Tax to Net Cash Flows: | ||
Depreciation of Property, Plant Equipment | 533,545 | 555,284 |
Provision for Employee Benefit Liability | 14,915 | 31,005 |
Provision for slow moving inventories | 139,264 | 26,705 |
Exchange difference adjustment | 2,400 | 3,777 |
Right of Use Asset - Depreciation | 2,103 | - |
Finance Costs | 265,082 | 121,737 |
Finance Income | (670) | (192) |
(Gain)/Loss on Sale of Property, Plant and Equipment | - | (370) |
Operating Profit before Working Capital Changes | 3,989,916 | 2,119,569 |
Working Capital Adjustments: | ||
(Increase) / Decrease in Inventories | (1,827,156) | (355,108) |
(Increase) / Decrease in Trade and Other Receivables and Prepayments | (652,580) | (286,581) |
Increase / (Decrease) in Trade and Other Payables | (197,589) | 201,903 |
Cash Generated from Operations | 1,312,591 | 1,679,783 |
Income tax paid | (468,880) | (236,492) |
Social security contribution levy paid | (52,292) | - |
Employee Benefit Liability Costs Paid | (4,672) | (19,174) |
Interest Paid | (262,725) | (119,408) |
Net cash flow (used in) / generated from operating activities | 524,022 | 1,304,709 |
Cash Flows from Investing Activities | ||
Acquisition of Property, Plant and Equipment | (221,361) | (185,881) |
Proceeds from Sale of Property, Plant and Equipment | - | 370 |
Finance Income | 670 | 192 |
Loans & Advances Granted to Company Officers during the Period | (7,035) | (3,865) |
Repayment of Loans & Advances by Company Officers during the Period | 8,110 | 3,629 |
Net cash flow (used in) investing activities | (219,616) | (185,555) |
Cash Flows from Financing Activities | ||
Borrowings of interest bearing short term loans | 3,595,260 | 2,605,000 |
Repayments of interest bearing short term loans | (3,359,860) | (2,135,000) |
Repayments of interest bearing long term loans | (647,250) | (725,250) |
Lease rental paid | (4,687) | (5,726) |
Dividends Paid | (3,092) | (763,258) |
Net Cash Flow Generated from/(Used in) Financing Activities | (419,629) | (1,024,234) |
Net Increase/(Decrease) in Cash and Cash Equivalents | (115,223) | 94,920 |
Cash and Cash Equivalent at the Beginning of the Period | 37,368 | (3,157) |
Cash and Cash Equivalent at the End of the Period | (77,855) | 91,763 |
- The Above figures are subject to audit
- All figures in brackets indicate deductions
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PGP Glass Ceylon plc published this content on 20 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2023 09:50:02 UTC.