PGP Glass Ceylon : Quarterly Financial Report as of 31-12-2022

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