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| Sunday, 5 October 2003 |
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| News Business Features Editorial
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Tokyo Cement ups IQ profit by 38% Tokyo Cement Company Ltd. has increased its net profit attributable to ordinary shareholders by 38 per cent to Rs. 81.3 million in the first quarter of 2003/04 from the corresponding period of last year.As per provisional results, Tokyo Cement's consolidated after-tax profit was Rs. 70.6 million, up by 40 per cent from Rs. 50 million in the first quarter of 2002/03. Pre-tax profit grew from Rs 53.8 million to Rs. 72.8 million in the first three months ended June 30, 2003. The significant improvement in the bottom line has been possible due to a 14 per cent growth in consolidated turnover to Rs. 1.16 billion from Rs. 1.02 billion in the first quarter of 2002/03 financial year. Tokyo Cement Group, which markets Mitsui, Atlas and Samudra brands, however saw an 18 per cent increase in cost of sales (higher sales was a factor coupled with inflation). Nevertheless, a relatively high Rs. 5.7 million in other operating income (from the sale of ready mixed concrete) compared with Rs. 0.9 million last year and lower distribution cost (due to the beneficial impact of input credit on Value Added Tax paid which was not available under National Security Levy), administrative and other operating expenses saw Tokyo Cement rebound with a sharp 60 per cent growth in operating profit to Rs. 113.5 million over the first quarter. During the financial year, Tokyo Cement commissioned its biggest expansion and modernisation project. With an investment of Rs. 750 million (funded through reserves), a hi-tech, efficiency improving and energy saving new cement processing system was launched at its Trincomalee plant. This boosted its production capacity by 50 per cent from 600,000 tons to 900,000 tons. |
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