Generous dividend from Touchwood

TOUCHWOOD Investment Limited. (TIL) which commenced operations six years ago, has recorded a turnover of Rs. 583.5 million for the financial year 2004/05 and a record profit of Rs. 163 million.

Increase in turnover is 134% which is 407% growth in profit in comparison to the previous financial year.

This achievement is mainly attributed to commitment and dedication of staff and all stakeholders.

TIL announced a generous final dividend of 12.25%, making the total dividend for the financial year 2004/05 17.25%. An interim dividend of 5% paid earlier.

TIL principal line of business in private forestry plantations, help to stop destructions of rainforest.

TIL have planted over 280,000 trees in over 900 acres at 18 plantation sites in Kalutara, Ratnapura and Matale districts.

TIL has come a long way since 1999 and grown to be a member of Touchwood Group which has operations in Thailand, Hong Kong and Gulf countries. TIL Chairman, Roscoe Maloney said in the Annual Report, overall performance of the company had remarkably improved than the forecast.

With its expansion plans, further growth is expected in the coming years and Touchwood aims to be within the 1000 global companies in near future. Further, TIL expects to obtain International Credit Rating.

The company has revised the accounting policies to reflect activities of the company in a more realistic nature complying with the Sri Lanka Accounting and Audit Standards and International Accounting Standards 41 - Agriculture and restated accounts for the year 2004/05, audited by Ford Rhodes Thornton & Company.

The company shares have traded high as Rs. 272/- recently and currently trading around Rs. 200-210. Earnings per share is up from Rs. 14.45 to Rs. 72.97 and the net asset per share is up from Rs. 21.29 to Rs. 102.72.

The TIL annual general meeting was held on September 27 at Hotel Galadari.