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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's Tokyo Cement to buy two more ships

Sri Lanka's Tokyo Cement to buy two more ships

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
July 17, 2013 (LBO) - Sri Lanka's Tokyo Cement group said it planned to buy two more vessels in the next three years, as the firm expanded.

"During the previous financial year we purchased two vessels and within next three financial years we propose to add another two vessels to our fleet," managng director S R Gnanam told shareholders in the annual report.

The firm is planning a 50 million dollar expansion in capacity which will up capacity by a million tonnes a year by 2015.

The company said it will upgrade a private dock at Trincomalee port with a channel deepened and a jetty extended to accommodate ships of 28,000 tonnes from the current 20,000 tonne capacity.

The group imports raw materials such as clinker for grinding in Trincomalee.

"Freight costs are subject to external market dynamics and are beyond the company’s Control," the company said.

"Therefore, sudden spikes in freight costs have significant and unavoidable negative impacts on the company’s balance sheet.

"Our decision to invest in our own fleet of vessels therefore, has saved the company, and the country, millions of dollars by avoiding chartering of vessels to transport raw materials."
http://www.lankabusinessonline.com/news/sri-lankas-tokyo-cement-to-buy-two-more-ships/1858184435

celtic tiger


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
This is a undervalue share with huge investments for the future. selling by Nippon cork badly affected the share price.
In CSE some times you can buy real gem cheaper than a rock. That is why I AM IN LOVE WITH CSE.

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