I have pleasure in welcoming you to the company’s 20th Annual General Meeting. The Directors’ report and audited accounts for the year have been in your hands for some time already. The operational results of the year have shown considerable improvement over the previous years’ operations, which were in themselves considerably better than the year before. Our gathering today is a particularly happy occasion, in as much as it marks several accomplishments for the company during the year :
Profits have been at a record level, being more than double of last year.
All carry-forward losses have been wiped out, and it has been possible to declare a dividend of 15% out of surpluses available.
All the manufacturing divisions of the company viz. compressors, diesel engines and water coolers have recorded the highest production ever in any year.
Exports were higher by about 25% over the previous year.
Details of all the above aspects of the company’s operations are available in the printed report of the company.
I would like, to begin with, to make a brief resume of our company’s operations during the year that has gone by. Some of the points which I am making today, may only look like old wine in new bottles, as these were made last year also; the repetition is on account of the continuing persistence of several of the adverse business factors, needing attention by the Government.