Ceylinco Housing and Real Estate posts Rs. 127.5 m consolidated profit

Fast on the heels of its financial success in the first quarter of 2006, Ceylinco Housing and Real Estate (CHRE), a leading housing and real estate development company in Sri Lanka, continues to register a sharp rise in its profits in the second quarter of 2006 as well.

Deputy Chairperson and Chief Executive Director of CHRE Padmini Karunanayake said that CHRE had created history by breaking the Rs. 100 million barrier for the first time in the company's 23-year-old history by recording a consolidated profit of Rs. 127.5 million for the last financial year.

CHRE has already notched up profits to the tune of Rs. 105 million for the period ending September as compared to the corresponding period last year.

Industry watchers are confident that given its handsome performance thus far, the financial year for the company will end with higher profits as compared to the previous year.

The share is trading around Rs. 40 despite the dilution after announcing a sterling bonus issue last year when the share touched Rs. 115. CHRE forges ahead having met with great success in all its projects, both ongoing and planned.

Mrs. Karunanayake said that the Phase I project of Trillium Residencies consisting of 60 apartments is nearing completion and would be handed over to the owners by the end of this year as scheduled.

Phase II, which is almost sold is also on schedule while Phase III consisting of 120 apartments will be launched at the beginning of 2007.