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Landmark achievements by Ceylon Glass

Post Time:Jul 21,2008Classify:Company NewsView:360

Colombo, 19 July, (Asiantribune.com): The Board of Directors of Ceylon Glass Company Limited (CGCL) declared the Company’s results for the year ended 31st March 2008. The company has reported a sales value of Lankan Rupees 2,014 million and a Pre Tax Profit of Lankan Rupees 49 million, against last year results of Lankan Rupees 1,857 million and 184 million respectively, whilst ensuring a 23 percent GP margin as against 25 percent of the previous year.

“This has been a landmark year in the 50 year old history of the Company. The successful completion of a major expansion and modernisation project of commissioning a new 250 tpd plant at Horana was achieved during the past year. This plant has more than double the capacity as compared to the Ratmalana plant with a total investment of around Rs.3.7 billion. The inauguration of this plant was on December 10, 2007. Since then we have successfully relocated our entire manufacturing facilities from Ratmalana to Horana” said CEO, CGCL, Sanjay Tiwari.

The new facility is equipped to have 05 manufacturing lines of which 4 are already in operation and the 5th line would be in operation by July 08. Two of the production lines have the colouring facility to manufacture different colours, shapes and sizes of bottles and is supported by the latest quality inspection machines, packing machines, and glass laboratory equipments etc., which are comparable with any international manufacturing plant.

Amidst some constraints an overall sales growth of 8.5 percent has been achieved as against that of last year. “It is indeed a very positive sign to note the healthy growth not only in the domestic market but also in the export market” said Sanjay Tiwari, CEO, Ceylon Glass.

A 160 percent growth over last years exports were achieved during the year under review. This constituted 10 percent of its turnover as against 4 percent of the previous year. In terms of exports, the company will be focusing on specialty beverage and food bottles. The company is in a unique position in the Asian market exporting boutique wine and specialty liquor bottles for leading brands in India. It is also in the process of doubling several such products for markets like the UK and Australia as well.

Having taken into account the company’s satisfactory performance during the year, the Board of Directors has recommended a final dividend of 2% for the year ended 31st March 2007.

Source: Asian TribuneAuthor: admin

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