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| Wednesday, 9 July 2003 |
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Ceylon Glass to break into export market Ceylon Glass Company Limited (CGCL) plans to enter the export market to supply coloured bottles for speciality containers in the international market. "We will be the first Asian company to enter the Western market with this product and believe we have an edge over competition," Chairman Vijay Shah said. The company, which has posted successful results for the financial year, ended March 31, 2003 also plans to enter the boutique wine bottle market in South Africa, Australia and America. With modern machinery and new technology in place, we are confident that the company is fully geared to offer a new range of products, Shah has told shareholders in the company's Annual Report 2002/2003. CGCL has recorded a 15% growth in sales to Rs. 902 million for the financial year ended March 31, 2003, up from Rs. 779 million in the previous financial year. The company's gross profit grew by 20% to Rs. 244 million from Rs. 201 million. The profit after tax increased by 6% to Rs. 95 million from Rs. 90 million. Among the key reasons for the company's turnaround over the last four years has been the ability of the operating team of Ceylon Glass supported by the technical team of Gujarat Glass to extend the life of the furnace at Ratmalana which had been commissioned in 1993, by over two years. In view of this performance, the Directors had recommended an interim dividend of 13% in March 2003 and have now proposed a final dividend of 17%. Chairman Shah said that the performance has been achieved despite a plant shut down for 54 days during December 2002 and January 2003. "The furnace was relined during the year under review. This procedure necessitated the plant closure," he said. |
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