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Touchwood Investments Ltd (TIL) recorded a turnover of Rs. 29.2 million and a profit of Rs. 2.9 million, for the six-month period ending September 30, 2002, for the current financial year 2002/2003, in line with the business plan of the company.

In comparison to the first six months of the previous financial year 2001/2002, turnover increased by 72% and profits by 59% during the first six months of the current financial year. This achievement is mainly attributable to the aggressive marketing and sound financial management of the company, and the peace initiative of the government. Budgeted annual turnover of Rs. 60 million and profit of Rs. 10 million for the current financial year is on target. TIL is the pioneer public quoted company on the Colombo Stock Exchange, marketing managed investments in Mahogany woodlots.

The project plans to plant and harvest 2,000 acres of Mahogany on a 17.5 year cycle. Already over 50,000 trees planted in 350 acres at Ayagama, Eheliyagoda and Matugama areas and over one thousand people have joined hands with TIL.

Benefits which accrue to the country by this project are save rainforest, employment opportunities to a large number of Sri Lankans and generates a new export industry running into billions.

Among TIL's future plans are the setting up of sawmill for export, carbon credit trading and commence marketing operations in Singapore.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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