|
|
 |
 |
 |
| Tuesday, 6 July 2004 |
 |
|
 |
Business | |
| News Business Features Editorial Security Politics World Letters Sports Obituaries
|
Turnover up 9% to Rs. 298 million: Kelsey Developments posts Rs. 8.3 million profit after fax Kelsey Developments Ltd recorded a Rs 8.3 million profit after tax for the financial year ended March 2003/04 with turnover increasing to Rs 298 million from Rs 274 million the previous year. The growth in turnover corresponds to a 9 % growth. The company attributes continuation of the exercise development, improvement of appropriate controls and enhancement of business processes and systems as the key factors towards the growth. Chairman of Kelsey Developments Ltd Manju Haththotuwa in his review on the annual performance said that their vision was to achieve at least 60% of the market share in the housing industry in the next five years. "We would accomplish this via a combination of extracting greater efficiencies in our project management and construction while also improving on customer relationship management and value addition." Sustainable development has been our success story, and with our superlative performance in the year under review, we have been able to improve our turnover to Rs. 298 million from Rs. 274 million, the previous year registering a growth of 9%. The Group has also earned a post tax profit of Rs. 8.3 million as at March 31, 2003, Haththotuwa said. With the winds of change ushering a new era of political stability and economic development in the country, we hope to play a more decisive role in the housing sector by better strategic planning and a commitment to produce better results in the future," he said. Managing Director/Chief Executive of the Group, Nihal Uduwara said that the revenue earned for the year was Rs. 298 million against the plan of Rs. 320 million, which is an achievement of 93% of the target set forth. Though the corresponding profitability figure dropped to Rs. 8.3 million against the plan of Rs. 11.2 million, the realised index of 74% is comfortable enough given that the shortfall was due to projects earmarked by the Aluminium division having got pushed back. In a reviving investment climate the Housing division fared well to keep to the targets both in terms of revenue and profitability. Though the outlook appears to be rosy for this business segment, the increasing difficulty in dealing with respective state sector authorities is posing a considerable hindrance. As a private sector organisation making our contribution to resolve the country's housing problem, I take this opportunity to request the relevant authorities to address this situation sooner than later, without leaving room to further escalate the problem," Uduwara said. |
|
News | Business | Features
| Editorial | Security
Produced by Lake House |
