|
|
 |
 |
| Sunday, 28 July 2002 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
Property developer records increased profits, turnover On'ally Holdings Ltd, the property development company, made a profit of Rs 23.3 million for the year ended March 2002, as against Rs. 17.6 million recorded during the previous financial year. The company's turnover for the year ended March 2002 increased to Rs. 42.5 million from Rs. 34 million during the preceding year, Chairman Tudor Munasinghe informed shareholders. Profit before tax for the year under review was Rs. 33.8 million, compared to Rs. 24.7 million during the financial year ended March 2001. Operating profits increased to Rs. 30 million from Rs. 22 million. The directors have recommended a final dividend of nine per cent, while an interim dividend of five per cent was paid in December 2001. On'ally shareholders will receive a dividend of 14 per cent for the year as against 12 per cent during the previous year. Advance company tax of 54 per cent was paid on the interim dividend distribution. Resident individual shareholders are entitled to claim the advance company tax paid from the Department of Inland Revenue, making a tax effective dividend of 16.7 per cent. The company's 15th annual general meeting will be held on August 7. Chairman Munasinghe said that no transfer was made to repairs and maintenance reserve during the year, as the present balance of Rs. 24 million was considered sufficient for the purpose. The building however, was regularly being refurbished and during the year, Rs. 1 million was incurred on upkeep and renewals and charged to revenue. The company holds the prime property Unity Plaza in Colombo 4. Its average occupancy during the year was 96.4 per cent, and was fully tenanted at the end of the year. |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
