PGP Glass Ceylon : Interim Financial Statements as of 30/09/2022

PGP GLASS CEYLON PLC

INTERIM FINANCIAL STATEMENTS

FOR THE SECOND QUARTER & SIX MONTHS ENDED

30 SEPTEMBER 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	Six months ended
	30 Sep 2022	30 Sep 2021	30 Sep 2022	30 Sep 2021
Revenue	4,947,868	2,264,180	8,832,610	4,140,363
Cost of Sales	(3,678,301)	(1,666,373)	(6,637,413)	(3,098,536)
Gross Profit	1,269,567	597,807	2,195,197	1,041,827
Other Operating Income	36,727	26,878	60,796	57,997
Selling and Distribution Expenses	(79,735)	(49,463)	(180,889)	(95,462)
Administrative Expenses	(235,825)	(88,391)	(209,667)	(190,674)
Operating Profit	990,734	486,831	1,865,437	813,688
Finance Costs	(115,337)	(39,857)	(164,717)	(79,405)
Finance Income	245	42	334	142
Profit before Tax	875,642	447,016	1,701,054	734,425
Income Tax Expense	(147,120)	(139,425)	(312,420)	(191,394)
Profit for the Period	728,522	307,591	1,388,634	543,031
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	-	4,987	-	4,987
Gain/(Loss) on Financial Investments - Fair Value through Other
Comprehensive Income	28	(4)	(479)	15
Net Other Comprehensive Income/(Loss) not to be Reclassified to
Profit or Loss in Subsequent Periods	28	4,983	(479)	5,002
Other Comprehensive Income/(Loss) for the Period Net of Tax	28	4,983	(479)	5,002
Total Comprehensive Income for the Period Net of Tax	728,550	312,574	1,388,155	548,033
Earnings Per Share - Basic/Diluted	0.77	0.32	1.46	0.57
* 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
	Rs.
As at 01 April 2021	1,526,407
Profit for the period	-
Other comprehensive income	-
Total comprehensive income	-
Deffered tax effect on rate change	-
Dividends paid	-
As at 30 September 2021	1,526,407
Profit for the period	-
Other comprehensive income	-
Total comprehensive income	-
Dividend paid
F22 - First Interim	-
- Second Interim	-
Unclaimed dividend write back	-
As at 31 March 2022	1,526,407
Profit for the period	-
Other comprehensive income	-
Total comprehensive income	-
As at 30 September 2022	1,526,407
* 30 September figures are subject to audit

Fair Value	Revaluation	Retained Earnings	Total
Reserve	Reserves
Rs.	Rs.	Rs.	Rs.
1,876	99,873	3,940,467	5,568,623
-	-	543,031	543,031
15	-	-	15
15	-	543,031	543,046
-	4,987	-	4,987
-	-	(551,049)	(551,049)
1,891	104,860	3,932,449	5,565,607
-	-	1,371,513	1,371,513
(477)	-	63,807	63,330
(477)	-	1,435,320	1,434,843
-	-	(237,522)	(237,522)
-	-	(237,522)	(237,522)
-	-	4,812	4,812
1,414	104,860	4,897,537	6,530,218
-	-	1,388,634	1,388,634
(479)	-	-	(479)
(479)	-	1,388,634	1,388,155
935	104,860	6,286,171	7,918,373

STATEMENT OF CASH FLOWS

(all amounts in Sri Lankan Rupees thousands)
	Six months ended
	30 Sep 2022	30 Sep 2021
	Rs.	Rs.
Cash Flow from Operating Activities
Net Profit before Tax	1,701,054	734,425
Non-cash Adjustment to Reconcile Profit before Tax to Net Cash Flows:
Depreciation of Property, Plant Equipment	354,583	368,302
Provision for Employee Benefit Liability	9,912	20,487
Provision for slow moving inventories	108,684	10,205
Exchange difference adjustment	1,600	-
Right of Use Asset - Depreciation	1,401	2,939
Finance Costs	164,717	79,405
Finance Income	(334)	(142)
(Gain)/Loss on Sale of Property, Plant and Equipment	-	(370)
Operating Profit before Working Capital Changes	2,341,617	1,215,251
Working Capital Adjustments:
(Increase) / Decrease in Inventories	(1,540,907)	(468,745)
(Increase) / Decrease in Trade and Other Receivables and Prepayments	(360,576)	153,197
Increase / (Decrease) in Trade and Other Payables	(136,149)	212,331
Cash Generated from Operations	303,985	1,112,034
Income tax paid	(297,678)	(159,060)
Employee Benefit Liability Costs Paid	(3,583)	(15,122)
Interest Paid	(155,285)	(78,107)
Net cash flow (used in) / generated from operating activities	(152,561)	859,745
Cash Flows from Investing Activities
Acquisition of Property, Plant and Equipment	(150,077)	(133,209)
Proceeds from Sale of Property, Plant and Equipment	-	370
Finance Income	334	142
Loans & Advances Granted to Company Officers during the Period	(6,635)	(1,050)
Repayment of Loans & Advances by Company Officers during the Period	4,898	1,856
Net cash flow (used in) investing activities	(151,480)	(131,891)
Cash Flows from Financing Activities
Borrowings of interest bearing short term loans	2,840,400	1,590,000
Repayments of interest bearing short term loans	(2,080,000)	(1,140,000)
Repayments of interest bearing long term loans	(483,500)	(483,500)
Lease rental paid	(4,687)	(5,576)
Dividends Paid	(3,055)	(531,435)
Net Cash Flow Generated from/(Used in) Financing Activities	269,158	(570,511)
Net Increase/(Decrease) in Cash and Cash Equivalents	(34,883)	157,343
Cash and Cash Equivalent at the Beginning of the Period	37,368	(3,157)
Cash and Cash Equivalent at the End of the Period	2,485	154,186

• The Above figures are subject to audit
• All figures in brackets indicate deductions