Turkish handmade glassware manufacturer Denizli Cam was awarded an investment incentive certificate by the Denizli Chamber of Industry on 21 May 2004 for a project worth TRL 3.69 trillion (USD 2.5 mil…
Turkish handmade glassware manufacturer Denizli Cam was awarded an investment incentive certificate by the Denizli Chamber of Industry on 21 May 2004 for a project worth TRL 3.69 trillion (USD 2.5 million/EUR 2.0 million). The certificate entitles the company to benefit from a 40% investment tax credit and a 100% customs duty exemption. Denizli Cam will provide 50% of the funds for the project from its own sources. The investment began on 26 May 2004 and is scheduled for completion by 26 May 2006. Denizli Cam has an annual output of 10,800 tonnes of glassware. The company manufactures some 20,000 products and exports 74% of its annual output. Denizli Cam is part of Turkish glassware and chemicals group Sisecam. A total 38% of Denizli Cam shares are traded on the Istanbul Stock Exchange (IMKB). Denizli Cam posted a net profit of TRL 1.31 trillion (USD 874,000/EUR 719,000) for 2003, compared to TRL 1.35 trillion (USD 901,000/EUR 741,000) for 2002. The company“s net sales rose to TRL 35.2 trillion (USD 23.5 million/EUR 19.3 million) from TRL 32.4 trillion (USD 21.6 million/EUR 17.7 million).