Ceylon Oxygen Ltd. had boosted trading profits nearly 75% in the first half of the current financial year despite turnover falling to Rs. 218.8 million from Rs. 250.9 million a year earlier, a provisional financial statement to shareholders reveal.

The trading profit after depreciation at Rs. 57.1 million was up from Rs. 32.8 million during the first half of last year. However, increased tax charges (Rs. 33 million against Rs. 13 million a year earlier) and extraordinary charge of continuing write-offs on old plant/spares and retrenchment costs (Rs. 13.5 million) depressed the bottom line.

The profit after tax and extraordinary items during the half-year under review was Rs. 15.8 million compared to Rs. 21.1 million a year earlier, the interim statement said.

With unappropriated profits brought forward, the company had Rs. 139.2 million available for appropriation as at June 30, 1998.

Ceylon Oxygen in which the Norwegian company, Norsk Hydro, has a controlling stake has an issued share capital of Rs. 90 million and Rs. 150 million in its share premium account.