Ceylon Glass profit after tax up 22% to Rs. 88 m in 1 H
Ceylon Glass sales increased by 15% to Rs. 973 million while Profit
after Tax was up by 22% to Rs. 88 million, during the first half of
financial year.
Ceylon Glass Company Limited (CGC) reported its un-audited results
for the quarter ended September 30, 2007.
Sales during the half year period were Rs. 973 million, a growth of
15% compared to sales of Rs. 846 million during the corresponding period
of the previous year. During this period Operating Profit grew by 24% to
Rs. 148 million as against Rs. 119 million. Profit before tax too
increased to Rs. 126 million, a growth of 20% over the first half of the
previous year. The Company's performance in the second Quarter ended
September 30, '07 showed a growth of 20% in sales.
The profit after tax in the second quarter grew by 29% compared to
the corresponding quarter in the previous year. CGC has seen a
continuous growth in its Export Sales over the past few years.
In the first half of the current financial year CGC's export sales
were over 10% of the total sales, as against 5% in the previous
financial year 2006/07. Colour wine and liquor bottle sales to India
have been a main contributor to this achievement.
The Export growth in the first half of the current financial year is
more than 290% as compared to 108% during the corresponding period of
the previous year.
The Company's upcoming project under the 300-factory program at
Horana will be completed in the third quarter of the current financial
year 2007/08.
With this project, the Company's current manufacturing capacity would
be more than doubled. |
