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Acme Printing and Packaging records Rs. 732m turnover

For the financial year 2008/2009:

Acme Printing and Packaging PLC reordered a turnover of Rs.732 million, a for Financial year 2008/2009. Operationally, the company made a loss of Rs.2.3 million before tax. The reversal of deferred tax resulted in the company posting a net profit after tax of Rs.0.1 million for 2008/2009. The finance costs increased by Rs.8.7 million while administration cost increased by Rs.11.1 million, due to proving for gratuity.

Acme Packaging Solutions (Pvt) Ltd., which commenced commercial production in March 2008, recorded a turnover of Rs.264 million while making a marginal profit before tax of Rs.2.9 million and due to adjustment for deferred tax posted a loss after tax of Rs.6.3 million.

But, the consolidated group posted a marginal profit of Rs.0.5 million before tax with a net loss after tax of Rs.6.1 million, Acme Printing and Packaging PLC Chairman, Dinal Peiris said in the annual report 2008/2009.

The global economic downturn reduced inward remittances, export earnings, the demand for our traditional export products and several finance companies collapsing lead to an overall sense of pessimism in the markets and reduced consumer spending.

All of these resulted in our company being compelled to fight for orders by reducing prices and profit margins. However, the company embarks this year filled with the hope and expectations with the dawn of peace.

Acme Printing and Packaging PLC is looking forward to expand its presence in the North and the East seeing the new market opportunities arising and the company is indeed optimistic of the future, he said.

He said with the opening of the Northern and the Eastern provinces the company expects an addition demand of over 50 percent.

“We enjoy the highest market share by producing the quality packaging while offering the best level of services.

With our new factory in Pannala rapidly getting into full production, we will achieve a higher level of profitability in the next year. Our aim is to serve the customers over their expectations, while offering a good product at a reasonable price and to be the leader in the industry”, Peiris said.

C de S

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