Touchwood profits up 103%

Touchwood Investments Limited (TIL), which commenced operations seven years ago, has recorded a turnover of Rs. 705.4 million and a record profit (after taxation) of Rs. 330.9 million for the financial year 2005/6.

The increase in turnover is 28.4% and the increase in profit is 103% compared to the previous financial year 2004/5. Total assets have increased from Rs. 850.8 million to Rs. 1,399 million. Director/CEO of TIL Asitha Koralage said over a two-year period the revenue and profit increased by 200% and 837%.

"This remarkable achievement reflects the total team commitment of all staff, management and directors to the Company's business plan. Touchwood's international market presence continues to expand globally while local sales and marketing efforts are enjoying strong demand.

It clearly indicates our stakeholder's confidence in private forestry as being not only highly profitable, but also a Socially Responsible Investment (SRI) contributing to the protection of forests and the environment for future generations", Koralage said.