Ceylon Glass records Rs. 43.6m in Q1 profits
New, State of the art 205 tons per day Glass Container Manufacturing
facility is expected to be completed by Q3FY 2007.
Ceylon Glass Company Limited (CGC) reported its un-audited results
for the quarter ended June 30, 2007.
Sales during the quarter were SLR 469 million, a growth of 10 %
compared to Sales of SLR 426 million in Q1 FY 2007. PBIDT grew by 16 %
to SLR 104 million. Profit after tax increased to SLR 43.7 million,
which represented a growth of 15.4% over Q1 FY 2007.
The above 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 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 programme known as “Mahinda Chinthanaya”. The Government has
given tax incentives to CGC to support its sizeable investment of over
SLR 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. |
