Malaya Glass Bhd. is optimistic that demand for glass containers will remain strong throughout the current year.
Chairman Datuk Yahya Ismail said one of the company“s furnaces will be shut down for …
Malaya Glass Bhd. is optimistic that demand for glass containers will remain strong throughout the current year. Chairman Datuk Yahya Ismail said one of the company“s furnaces will be shut down for a period of four months for rebuilding during the middle of its financial year. Although this will curtail optimum utilisation of production facilities and dampen the level of profitability, he said that Malaya-Vietnam“s production activities would contribute towards group results. Malaya Glass posted a group pre-tax profit of M$ 9.44 million for the year ended September 30 1995. Group turnover amounted to M$ 110.36 million, and its Vietnamese subsidiary contributed M$ 16.3 million of that sum. At the company level, pre-tax profit increased by 22% to M$ 8.1 million and turnover was M$ 94.03 million. After minority interest and taxation, the group ended the year with a net profit of M$ 5.3 million, representing earnings of 21.2 sen per share, a slight decline from 21.6 sen per share previously. He said the improvement was attributed to better selling prices and higher production efficiency, adding that the Vietnamese subsidiary performed well and achieved a net profit of M$ 1.8 million in the first seven months of operation.