On'ally posts Rs. 24.72 m profit after tax

On'ally Holdings Limited recorded a profit of Rs. 24.72 million after tax and profit before tax was Rs. 37.14 million, as against Rs. 25.20 million and Rs. 35.85 million (excluding the gain on revaluation of investment properties of Rs. 117.84 million) the previous year.

Turnover increased from Rs. 51.35 million to Rs. 55.44 million, whilst the operating profit decreased marginally from Rs. 31.97 million (excluding the gain on revaluation on investment properties of Rs. 117.84 million) to Rs. 31.69 million.

The main reasons for the increased turnover were the revision of rentals of the existing tenants and maintaining moderate rate of occupancy during the year. The average occupancy based on floor area was 90.97% as at March 31, 2007 compared to 95.57% as at March 31, 2006, said the Chairman W. N. Gamunu Silva in the company's annual report.

The Directors have proposed a final dividend of 8% (8.0% in the previous year) whilst an interim dividend of 8% (8.0% in the previous year) was paid on December 14, 2006 making a total dividend for the year of 16% (16.0% in the previous year).

The Directors did not make any appropriation to the Repairs and Maintenance Reserve during the year. The building, however, is being refurbished regularly. During the year, Rs. 3.41 million was incurred on upkeep and renewals and charged to revenue.

This amount was transferred from Repairs and Maintenance Reserve to Retain Earnings thus reducing the Repairs and Maintenance Reserve Account to Rs. 22.58 million.

Unity Plaza continues to be the focus of the thriving information Technology industry with the majority of its occupants being computer related companies.