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| Sunday, 27 July 2003 |
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Business |  |
| News Business Features Editorial
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Reduced occupancy brings Onally turnover, profits down Onally Holdings Ltd, the property development company which owns and manages the Unity Plaza shopping and office complex in Colombo 4, made a profit of Rs 17.9 million for the year ended March 2003, as against Rs 23.8 million during the previous year. Chairman S. Amarasekera points out that profit before tax for the year ended March 2003 was Rs 29.5 million compared to the Rs 33.8 million in 2001/02. Turnover declined from Rs 42.46 million to Rs 40.98 million, while operating profits dropped from Rs 30 million to Rs 26.3 million. The main reasons for the reduced turnover and profit were the reduction in occupancy at the building (there were vacant spaces on the seventh and eighth floors) and the reduced interest rates on investments. The directors have proposed a final dividend of 6.5 percent while an interim dividend of six percent was paid earlier, making a total dividend of 12.5 percent for the year. A 14 percent dividend was paid in the previous year. No transfer was made to the repairs and maintenance reserve during the year as the present balance of Rs 24 million was considered sufficient. The building is however being regularly refurbished and over Rs 1.38 million was spent on upkeep and renewals during the year and charged to revenue. Future prospects Amarasekera says the occupancy rate of Unity Plaza has not been satisfactory during the year under review. But, with local and foreign private sector investment interests increasing due to the ongoing peace process, the complex is expected to have a better occupancy rate in the future. The company has 579 shareholders, comprising 525 local individuals, 46 local institutions, seven foreign individuals and a foreign institution, owning over 14 million shares. |
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