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| Friday, 21 November 2003 |
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Expansion oriented Dankotuwa Porcelain gets 7-year tax holiday Dankotuwa Porcelain Limited was granted a further 7-year tax holiday by the Board of Investment of Sri Lanka (BOI) as the company achieved the specified level of exports within the first five years of signing the BOI agreement and also expanded its production capacity in order to exploit a substantial and steady increase in orders. Sunil Wijesinha, Chairman of Dankotuwa Porcelain Limited (DPL), and Arjunna Mahendran, Chairman BOI, signed the new agreement at the BOI offices last Thursday, M. Miyauchi, Director DPL, and Kithsiri Wijesundera, Chief Executive Officer of DPL were present. "The Board of Directors and Management of Dankotuwa Porcelain are happy that the company has met the criteria for this tax holiday. We are confident that the benefits of this tax holiday, coupled with expected increased revenue from our aggressive expansion program, will bring significant returns for our shareholders," said Sunil Wijesinha, the company's Chairman. The new tax holiday is effective for the period November 17, 2003 to November 17, 2010. It includes an additional 2-year tax holiday due to DPL investing over Rs. 50 million in the current year for expansion and also being located outside the Western Province at Dankotuwa in the Northwestern Province. The company was earlier under a 5-year tax holiday, which ended on November 17, 2003. "We are expecting greatly increased revenue and profits for the company in the future, as we now consistently have orders for more than six months into the future, mainly due to a carefully targeted campaign launched last year which brought in a large number of high net worth orders," said CEO Kithsiri Wijesundera. "We are expanding our production capacity, of which one of the first steps is the installation of a new Glost Firing Kiln purchased from Riedhammer of Germany, which will increase our production capacity by 15%, he said." |
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