Sri Lankan graphite miner increases profit with powder exports

March 13, 2008 (LBO) – Sri Lankan graphite miner Bogala Graphite Lanka said its net profit for 2007 was boosted 51 percent to 34.5 million rupees from the year before w by a new plant making high value powders. The plant can produce 29 grades of 'classified graphite powders' for export to end-users in the USA and Europe. A processing plant relocated to Sri Lanka from the United Kingdom to make high value classified graphite powders became fully operational during the 2007 financial year, the company said in its annual report.

"The complete product range capacity of this processing facility is now being utilised for the production of classified graphite powders to the stringent quality standards and specifications demanded by international buyers," Bogala Graphite chief executive Amila Jayasinghe told shareholders.

Annual turnover increased by 35.4 percent to 403 million in the year although the quantity sold was 5,178 metric tonnes, an increase of a mere 101 metric tonnes, "revealing the effect of the introduction of the value added product range," he said.

A similar trend was shown in profits as well, he added.

Chairman Vijaya Malalasekera said the company is trying to enter new markets, esp