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| Sunday, 31 July 2005 |
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Business |  |
| News Business Features Editorial
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On'ally Holdings profits, turnover up On'ally Holdings Ltd, the property development company which holds the landmark Unity Plaza property in Bambalapitiya, Colombo 4 recorded a profit of Rs. 22.30 million for the financial year 2004/05 . Profit before tax was Rs. 31.96 million. In 2003/2004 the profit after tax was Rs. 18.30 million. On'ally's turnover for 04/05 was Rs. 46.52 million, up from Rs. 40.47 million for the previous year. Operating profits increased to Rs. 29.44 million from Rs 24.16 million during 03/04. The main reason for the increase in turnover and profit was due to the increase in the rate of occupancy, being 93.84 per cent as at end March 2005. Over the years the Unity Plaza complex has gained a reputation as a hub for traffic in the expanding information technology industry. Chairman Gamunu Silva has told shareholders that the building has almost 76 shops which are computer related companies or dealers waiting in line at any time for a little slice of the 11 tiered cake. The directors have proposed a final dividend of 8 percent, while an interim dividend of 6 per cent was paid in December. In the previous year the total dividend was 12.5 per cent. The company's 18th AGM is scheduled to take place on August 9 at the Galle Face Hotel. During the year in review, the company decided to explore the possibility of extension of escalators from the first to the second floor of the building, but high cost has however, put paid to it. Chairman Silva has told shareholders that Rs. 2 million has been appropriated out of the profit for the year to the repairs and maintenance reserve, to meet future abnormal maintenance costs on investment purposes. This has been done as it is considered that the present balance of Rs. 26 million is sufficient for the purpose. The building is regularly being refurbished and during the year over Rs. 1 million was incurred on upkeep and renewals and charged to revenue, according to the report. (E.L.) |
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