Kuwait Gulf Glass Manufacturing Co.: new USD 10 million bottle plant

Kuwaiti glass products maker Gulf Glass Manufacturing Company will build a KWD 3 million (USD 10 million) bottle plant, it was reported on 18 January 2003.
The company abandoned plans to close down…

Kuwaiti glass products maker Gulf Glass Manufacturing Company will build a KWD 3 million (USD 10 million) bottle plant, it was reported on 18 January 2003. The company abandoned plans to close down its main kiln for repair and upgrade at end-2002 instead opted to build a new plant to meet the growing demand for its products. The company“s existing plant operates at maximum capacity. The project will be financed by the Industrial Bank of Kuwait. Earnings per share of the company are forecast at USD 0.087 for 2003. The company recorded KWD 403,000 (USD 1.34 million) net profit for January – October 2002, compared to KWD 435,000 (USD 1.45 million) for the same period of 2001.