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Century Logistics is forging ahead with its expansion in total logistics and
supply chain management services into Indian sub-continent market.
The company recently acquired equity in Expo Century Logistics Private
Limited in India to foster its growth in Indian market.
Expo Century will enable Century and its subsidiaries to further expand its
services into fast expanding Indian sub-continent region, together with the
participation of a strong local partner.
Century group which reported RM96.67 million for the 2004 financial year
will be applying to Bank Negara Malaysia for approval on the necessary
remittance for the future Subscription, as and when required, in Expo
Century.
The Century group reported revenue and profit before tax of RM31.806 million
and RM0.352 million respectively.
The revenue growth was mainly due to the increase in number of vessels
serviced by the group's ship-to-ship transfer operation and the commencement
of original equipment manufacturing (OEM) of television sets, which resulted
in the recognition of value of the appliances as revenue.
In another related development the company announced that Century Total
Logistics Sdn. Bhd has received approval letter from the Malaysian
Industrial Development Authority for investment tax allowance incentive
under the Promotion of Investments Act, 1986.
The investment tax allowance is for 60 per cent of qualifying capital
allowance incurred within 5 years for integrated logistics services
activities. This allowance can be deducted against 70 per cent of the
statutory income of CTL for each year of assessment.. |
