Touchwood records Rs. 284 millon in net profits

Touchwood Investments Limited (TIL), Sri Lanka’s only public quoted commercial forestry plantation company, announced a net profit of Rs. 284 million for the financial year ending on March 31, 2008. The company’s revenue for the same period was Rs. 600 million.

“Our profits have increased by nearly four folds in comparison to the previous financial year. The revenue too has increased by 29%. This portrays the stable commercial growth of TIL.

In addition, these figures clearly indicate that the public have placed their trust on TIL and have increasingly invested in various schemes offered by us”, CEO of TIL Asitha Koralage said.

“It is also mention worthy that the Net Asset per Share and Earnings per Share have appreciated from Rs. 122.03 to Rs. 153.87 and Rs. 5.79 to Rs. 31.85 respectively during the financial year ending 31 March 2008”, he added.

Meanwhile TIL which tied up with Sri Lanka’s pioneers in leasing, Lanka Orix Leasing Company (LOLC) recently, has taken steps to utilize the widespread LOLC branch network to create an islandwide presence.

“Through the utilisation of nearly 22 LOLC branches, we will be able to serve and attend to the needs of our customers residing in outstation areas much more efficiently and create convenience of access to them”, Director/General Manager of TIL, Channa Abeygunawardene said.

TIL, which was incorporated in 1999 with the approval of the Board of Investment of Sri Lanka (BOI), has carried out Teak, Mahogany, Sandalwood and Vanilla plantation projects in around 1500 acres of land during the past nine years.

Most of these commercial forestry plantations are located in the Ratnapura, Badulla, Matugama and Matale districts.

TIL has currently embarked on an expedited forestry plantation programme through which commercially valuable species of trees are to be planted in over 1,000 acres within a period of one year. This programme will increase the total TIL managed commercial forest area to 2,500 acres. The company also expects to provide employment to over 600 Sri Lankans by mid 2009. At present this figure stands at 300.