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| Tuesday, 29 June 2004 |
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Ceylon Glass profit after tax up 19% to Rs 113 million Ceylon Glass Company Ltd. recorded a Rs. 113 million profit after tax for the financial year ended 2003/2004. The growth in profit corresponds to an increase of 19% from Rs. 95 million recorded the previous year. The company has achieved a 40% growth in sales and created history by crossing the one billion mark in sales. The company achieved 1.26 billion sales against Rs. 902 million last year. The company's Gross Profit has also grown by 66% to Rs. 405 Million (from Rs. 244 Million) in the previous financial year. The profit after tax increased by 19% to Rs. 113 Million from Rs. 95 Million. The company has also recommended in interim dividend of 19% in March 2004, and have now proposed a final dividend of 17%. The company attributes new technology installed to the maximum by achieving higher efficiencies and production levels contributed towards achieving this high sale as key factors for high sales. The company has been awarded BVQI certification for ISO 9001:2000 Quality Management System for design, development, manufacture and sale of glass containers. The Chairman of Ceylon Glass Vijay Shah said that the company is in the process of further improving the production facility in order to bring about better flexibility and production capacities. "We would be converting one of the three production lines from a six section single gob operation to a six section double gob flexible operation. The fore hearth capacity would be increased from 20 TPD to 35 TPD," Shah said. "The existing electrically heated lehr would be replaced by a cost effective LPG fired lehr. The automatic inspection machine to be installed would minimise existing manual sorting and help achieve a much superior quality end product. This additional tonnage would be focused towards producing boutique wine bottles and medium size flint bottles which would be targeted towards the export market. This would also help us to reduce imports to a bare minimum," he said. |
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