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| Sunday, 31 August 2003 |
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| News Business Features Editorial
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Changing the landscape of real estate Ceylinco Land Exchange (Pvt) Ltd (CLE), a member of Ceylinco Consolidated, has forged a solid position and prospects and substantial profits in the field of real estate and property development with a host of activities including traditional real estate operations and new ventures that have revolutionised the real estate business. CLE's principal lines of activity are the purchase and development of lands for sale, the construction of houses for customers who have purchased land, the sale of land and houses on behalf of clients on a brokerage commission basis and the extension of easy payment facilities to purchasers of land. During the financial year ending March 31, 2003, CLE's turnover rose to Rs 188.7 million, a 19 per cent increase. Profit before taxation and net profit after taxation rose to Rs 4.5 million and Rs 4.1 million respectively, increases of 233 per cent and 260 per cent respectively. Total assets increased by 52 per cent to Rs 456.2 million. Easy payments rose to Rs 152.3 million, a 38.7 per cent increase; growth of interest income was 52.89 per cent and fund mobilisation through the Project Participation Scheme amounted to Rs 314.9 million, a 31.6 per cent increase. CLE's ordinary shareholders were awarded a 100 per cent interim dividend. With a 20 per cent increase in staff strength, comprehensive plans for expansion and diversification and a commitment to realise the real value of real estate, the company is geared to assume a pivotal role in the field of property development by creating a special stock exchange for transactions involving land and buildings to buy, sell, rent, mortgage, develop or otherwise deal in real estate with a view to maximising its productivity. |
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