Metalloplastica Ghana Limited made a pre-tax profit of 583.1 million cedis at the end of March this year, as against the 647.5 million cedis made last year.

Turnover also fell from 15.083 billion cedis in the previous year to 12.100 billion cedis.

Mr Elias George Khoury, Chairman of the Board of Directors of the company, announced these at the company's 26th Annual General Meeting held in Accra on Friday.

He said the slow down in the operations of certain manufacturing industries, which obtain some of their packaging materials from the company, contributed to the company's adverse performance.

Mr Khoury said, even though the cedi remained relatively stable during the year, the general decline in demand in the economy had an adverse effect on the company's operations.

The Chairman said the company would, from next year, mount a vigorous advertising campaign as a way of maintaining its loyal customers and attracting new ones.

"It is also gratifying to note that some leading manufacturers have placed orders with the company for the replenishment of their crate stocks and this is bound to lead to an improvement in the company's turnover and profits for the year ending March 31, 2003," he added.

No dividend was declared for payment to the shareholders.