Sharp rise in Ceylinco housing quarterly profits

Ceylinco Housing and Real Estate (CHRE) has demonstrated the goodwill and faith earned in over 23 years of its existence by recording a sharp rise in 2006 quarterly profits to the tune of Rs. 51.78 million. Projected figures for the remaining months of 2006 will eventually reflect a sharp profit in contrast to last year's profits, a media release from the company said.

This comes on the heels of a substantial bonus issue granted to its shareholders last year. Trading at about Rs. 45, shares of CHRE are one of the coveted stocks on the bourse because of their strong performance over the years. This apparent lower figure of Rs. 45 is a consequence of natural dilution after the bonus issue, before which the share was steady at Rs. 80. It has been quoted as high as Rs. 115 in the past. The reported net asset value stands at Rs. 33 per share.

The release said the success of CHRE is not only about numbers. Even though the bottomline is an important consideration for a public quoted company, the company can lay claim to a strong tradition of ethical and corporate governance and best practices.