million in what the company has dubbed as another successful year.

The company said it had lost 4.2 percent in turnover for 2000, down to $16.98 million for the year, but improved cost controls meant the company as able to improve profits.

SAL president John (Chucky) Berg said: "In keeping with the trend that has been exhibited over the past few years, it is my pleasant duty to report that your company has had yet another successful year.

"This was achieved despite the lull in trade that was experienced at the end of the second quarter and throughout the third quarter. Indeed the year ended with a buoyant construction sector that enabled our turnover at $16.98 million to finish only 4.2 percent below last year.'' He said that in the operating divisions, improved cost control measures allowed for a higher gross margin that is reflected in the increase of the net operating income of $1.689 million, a gain on fiscal 2000 of 1.7 percent.

The gain realised by the sale of land in the first half of the year increased the final net income to a record figure of $1.956 million.

He added: "This positive position shows that earnings per share were improved by 20 percent to $7.04, and net assets per share improved by 18.4 percent to $43.98.

"As indicated in the half-year report, the company completed the purchase of the outstanding 129,137 preference shares at the par value of $10 per share.'' He said the cost of this resulted in a reduced cash position at the end of the year of $1.536 million.

Directors approved capital expenditure to increase the Readymix Concrete fleet, and to improve the concrete production facilities and in the past few months, planning permission has been given to allow a replacement Concrete Block factory.