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| Sunday, 7 December 2003 |
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Further 7-year tax holiday for Dankotuwa Porcelain Dankotuwa Porcelain Limited was granted a further 7-year tax holiday by the Board of Investment of Sri Lanka, as the company achieved the specified level of exports within the first five years of signing the BoI agreement and also expanded its production capacity to exploit a substantial and steady increase in orders. Sunil Wijesinha, Chairman of Dankotuwa Porcelain Limited (DPL), and Arjunna Mahendran, Chairman BoI, signed the new agreement at the BoI offices recently. Also present were M. Miyauchi, Director DPL, and Kithsiri Wijesundera, Chief Executive Officer of DPL. "The Board of Directors and Management of Dankotuwa Porcelain are happy that the company has met the criteria for this tax holiday. We are confident that the benefits of this tax holiday, coupled with expected increased revenues from our aggressive expansion programme, will bring significant returns for our shareholders," said Sunil Wijesinha, the company's Chairman. The new tax holiday is effective from November 2003 to November 2010. It includes an additional 2-year tax holiday due to DPL investing over Rs. 50 million in the current year for expansion and also being located outside the Western Province. The company was earlier under a 5-year tax holiday, which ended on the 17th of November 2003. "We are expecting greatly increased revenues and profits for the company in the future, as we now consistently have orders for more than six months into the future, mainly due to a carefully targeted campaign launched last year which brought in a large number of high net worth orders," said CEO Kithsiri Wijesundera. "We are expanding our production capacity, of which one of the first steps is the installation of a new Glost Firing Kiln purchased from Riedhammer of Germany, which will increase our production capacity by 15%". Dankotuwa Porcelain has invested heavily in plant and equipment, with Rs. 140 million having already been spent in 2003 on expanding existing buildings and purchasing new equipment, part of a strategy to attract a larger share of the global market by becoming more competitive and cost-effective in its production processes. |
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