Ceylon Glass profit after tax grows 15.4 % to Rs. 43.7 m in 1Q, 2007
Ceylon Glass Company Limited (CGC) reported its un-audited results
for the quarter ended June 30, 2007.
Sales during the quarter were Rs. 469 million, a growth of 10%
compared to sales of Rs. 426 million in Q1 FY 2007. PBIDT grew by 16% to
Rs. 104 million. Profit after tax increased to Rs. 43.7 million, which
represented a growth of 15.4% over Q1 FY 2007.
The results are encouraging, particularly in light of the costs CGC
is currently incurring to commission its new facility at Horana and
migrate production to Horana from Ratmalana.
The Company signed an Agreement with the Board of Investment (BOI) in
July 2006 to relocate its production facility from Ratmalana to Horana.
CGC is in the final stages of completing its state-of-the-art, 205 Tons
per day Glass Container Manufacturing Plant at Horana.
This project comes under the 300-factory project of President Mahinda
Rajapaksa's program under the "Mahinda Chinthana". The Government has
given tax incentives to CGC to support its sizeable investment of over
Rs. 3.5 billion at the new location.
With the new facility at Horana, CGC will double its production
capacity from 100 tpd to 205 tpd. The new facility will have
infrastructure to further expand capacity to 250 tpd. CGC expects to
commence commercial production at Horana during the third quarter of
this financial year.
The project at Horana is being implemented with the support of a
number of leading Project Agencies. Maga Enterprises, a leading Company
in Industrial Construction is responsible for the Civil construction
along with M/s Sorg Gmbh Germany, one of the world's best furnace
designers and refectory suppliers. New Manufacturing lines are being
sourced from M/s Bottero S.P.A. Italy.
The new facility would manufacture bottles ranging from 50 ml. to 2.5
litres. It will cater to customers in Agriculture, Pharmaceuticals,
Cosmetics and Perfumery, Aerated water, Food jars, Liquor, Beer and Wine
Industries. The Company is the sole manufacturer of colour bottles in
South East Asia, through colour fore hearth technology. |
