Unilever makes big profit in half year
Accra (Greater Accra), 18th August 99
Financing for the government's Transport Infrastructure Programme (TRIP 3) that would improve several roads in the Ashanti, Western and Brong Ahafo regions and rural electrification in the Western Region received a major boost on Tuesday with the signing of two agreements between the European Union and the government in Accra.
The agreements worth 180 billion cedis (66 million Euros) were signed between Mr Kwame Peprah, Minister of Finance on behalf of the government and Mr Charles Brook, Ambassador and Head of Delegation of the EU Commission.
The financing deal approved by the EU member states is to provide 153 billion cedis (56 million Euros) for resurfacing of 246 kilometres of roads in the Western Region and 27 billion cedis (10 million Euros) for a rural electrification programme.
Mr Brook said the key roads to be rehabilitated are Techiman-Kumasi (113 kms), Axim Junction-Tarkwa (51 kms) and Kumasi (Abuakwa)-Bibiani (74 kms).
He said the rural electrification programme would connect 110 communities within the 11 districts of the Western Region to the national grid.
"By the completion of the project more than 11,200 new domestic and business connections would have been made."
Tender documents for the two programmes are yet to be launched by the government.
Mr Peprah said the agreements were in response to government’s efforts at improving the nation's economic landscape, adding "it is gratifying that the EU is lending its support at such a critical time."
Mr Fred Ohene-Kena, Minister of Mines and Energy, noted that it is the government's overall plan to extend electricity to the entire country, but this would be done in phases.
"It is in this direction that we would want to plead with the various communities to exercise restraint since it would take time to get it through."
Mr Ohene-Kena said a lot has been done in this direction "but more assistance is required to see these major projects through."
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Unilever makes big profit in half year
Accra (Greater Accra) 18 Aug. ’99
Unilever Ghana Limited (UNIL) said on Tuesday that its 1999 half-year profit from operations jumped up by 24 per cent to 15.223 billion cedis from 12.254 billion cedis for the same period last year.
UNIL's results for the half-year ended June 30, 1999 said profit after tax for the six-month period stood at 9.225 billion cedis, indicating a seven per cent increase from last year's 8.591 billion cedis.
It said earnings per share not annualised also appreciated by seven per cent from 137.5 cedis to 147.6 cedis.
The company said its business performance remains strong with bright prospects for the rest of the year.
It said a capital investment programme aimed at equipping the company for long-term growth had commenced.
In another development, Aluworks Limited (ALW) also released its half-year result for the same period but it recorded a negative 35 per cent operating profit before tax.
The operating profit before tax decreased from 6.515 billion cedis to 4.255 billion cedis.
The company attributed the trend of events to a slow down in local market performance as well as lower prices and margins on the world market for the aluminium industry.
It said, however, that it expects an improvement in the second half of the year.
Earnings per share for the period decreased by 31 per cent from 315 cedis to 218 cedis.
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