Bogala Graphite revenue on upward spiral

Ramani KANGARAARACHCHI

The Bogala Graphite Lanka records a revenue increase of Rs 403 million during the year under review compared to Rs. 297.6 million in the previous year. Profit before interest and tax improved from Rs. 45 million to Rs. 72 million and profit after tax improved from Rs. 22.5 million to Rs. 34.5 million.

However the directors have not recommended the payment of a dividend for the year ended 31 December.

According to Chairman Vijaya Malalasekera the new Plant at Bogala is now fully operational and hoped better quality products coming out of the mines which could enhance the marketing capability in the future.

He pointed out that the management is taking very positive step to enter into new markets, particularly in the region.

He is confident that the steps taken will bear fruit in the near future. Management would continue to focus on productivity in all areas of activity enabling the company to maintain costs within reasonable limits.

Malalasekera said that the board remains confident that the company should grow in the future with greater momentum provided an unforseen event not taken place which could have an impact on the company performance.

CEO Amila Jayasinghe said that the year under review reflects the results of investment on development over the last six years and the emphasis laid on the development of the mine, product range and human resources during the period is clearly evident from the current performance.

A major phase of development has been completed during the year with the relocation of the facility for the production of high valued graphite powders becoming fully operational.

He said that one of the significant events that happened during the period under review was the enactment of the New Companies Act which came in to force in May 2007.