Ceylon Leather Products has increased the company's gross turnover by 38.9% compared to last year inspite of the uncertain marketing environment. Overall the current financial year under review earned a net profit of Rs 80.8 m after providing a provision of Rs 50.5 m for impairment of investment as compared to Rs 133.2 m previous year,Ceylon Leather Products Chairman Neville Peiris, said in the company's annual report for 2013-2014 .
"It was very encouraging to note that South Asia Textile Industries Lanka of which 51.5% is owned by Ceylon Leather Products has turned around favourably and making good progress in the current year. South Asia Textile Industries Lanka completed a Rights Issue to the existing Shareholders of the Company offering Eight Ordinary Shares for every One Ordinary Share at a price of 0.10 cts a Share.
Ceylon Leather Products subscribed in full for their Rights entitlement by investing Rs. 306.4 million. Consequent to the Rights issue Ceylon Leather Products now owns 80.39% of the Issued Share Capital of South Asia Textile Industries Lanka.
Funds raised from the Rights Issue will be used to modernize the machinery at the factory. www.dailynews.lk
"It was very encouraging to note that South Asia Textile Industries Lanka of which 51.5% is owned by Ceylon Leather Products has turned around favourably and making good progress in the current year. South Asia Textile Industries Lanka completed a Rights Issue to the existing Shareholders of the Company offering Eight Ordinary Shares for every One Ordinary Share at a price of 0.10 cts a Share.
Ceylon Leather Products subscribed in full for their Rights entitlement by investing Rs. 306.4 million. Consequent to the Rights issue Ceylon Leather Products now owns 80.39% of the Issued Share Capital of South Asia Textile Industries Lanka.
Funds raised from the Rights Issue will be used to modernize the machinery at the factory. www.dailynews.lk
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