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Touchwood profits up 74%

Touchwood Investments Ltd (TIL) recorded a turnover of Rs. 82.4 million and a post tax profit of Rs. 11 million for the last financial year ended March 31, 2004.

In comparison to the financial year 2002/2003 turnover increased by 25% and post tax profit by 74% during the financial year 2003/04. Net assets have increased by 144% over the last financial year.

This is a remarkable achievement, in line with our business plan, mainly attributable to the aggressive marketing, sound financial management and team effort of all the employees and directors of the company, said R. Maloney, Chairman and Managing Director of TIL. The annual dividend is 14.4%, out of which 5% was paid as an interim dividend is in line with our dividend policy of a 20% annual increase.

TIL is the pioneer public quoted company on the Colombo Stock Exchange marketing managed investments in private forestry. The company's shares over the last three months have broken records with a 200% increase in the price of shares from Rs. 10 in May to Rs. 31 recorded in July. The company established its first overseas sales office in Thailand in March this year and a second in Dubai in July this year. TIL is currently setting up its business model in Thailand and commercial operations will begin next month.

CEO of Touchwood Asitha Koralage said among future plans are the setting up of two more overseas marketing offices in Malaysia and Hong Kong. We will also obtain ISO 14000 and ISO 9001 certification for the plantations and set up one local branch sales office in Kandy this year.

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