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

"Our profits have increased by nearly four-folds in comparison to the previous financial year. The revenue has also gone by 29%. This portrays TIL’s stable commercial growth, the company’s CEO Asitha Koralage said.

"These figures also clearly indicate that the public have placed their trust on TIL and have increasingly invested in various schemes offered by us", he said.

"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 under review", he noted..

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

"Through the utilization of nearly 22 LOLC branches, we will be able serve the needs of our customers residing in outstation areas more efficiently and create convenience of access to them", the 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 approximately 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 program through which commercially valuable species of trees are to be planted in over 1,000 acres within a one-year period. This program 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, it has a cadre of 300.

The company has also been continuing its profit distributions pertaining to vanilla plantations since April 2007, thus proving that the business model adopted by them is prudent and profitable.