Toyo's Vietnam power plant plan on track
KUALA LUMPUR: Printing materials manufacturer Toyo Ink Group Bhd (TIGB) said its plans to build a power plant in Vietnam to boost the company's profits are very much on track.
"We announced a couple of months ago that we acquired a piece of land in Vietnam to build a power plant. Right now we are only waiting for the power purchasing agreement," TIGB managing director Steven Song Kok Cheong said at a post-AGM press conference Thursday.
TIGB announced in May that it was leasing a piece of land in Vietnam's Binh Duong province to build a power plant with the capacity to produce up to 1,000 megawatts.
The project is expected to contribute to TIGB's bottomline from financial year ending March 31, 2010 onwards.
Song also said that once the plant is up and running, it will manufacture on a low scale before truly expanding.
"When we start we will limit our production to things like flexography printing and corrugated carton. When production is smooth, we will increase the capacity."
For its financial year ended March 31, 2007, TIGB recorded a consolidated turnover of RM68.091 mil, an an increase of 3.31% over the previous financial year's turnover of RM65.910 mil.