Ceylinco Real Estate and Housing profits increase
PROFITS: Fast on the heels of its financial success in the
first quarter of 2006, Ceylinco Housing and Real Estate (CHRE), the
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.
These figures were revealed at the company's Annual General Meeting (AGM)
held in November 2006, where Padmini Karunanayake, the Deputy
Chairperson and Chief Executive Director of CHRE and 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. 127.50 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 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.
The AGM was concluded successfully amongst the presence of
appreciative stakeholders and management.
CHRE forges ahead having met with great success in all its projects
both ongoing and planned. Karunanayake commented on the Trillium
Residencies projects, saying that, the Phase I project of Trillium
Residencies consisting of 60 apartments is nearing completion and would
be handed over to owners by end of this year as scheduled. Phase II,
which is almost sold out is also on schedule while Phase III consisting
of 120 apartments is to be launched at the beginning of 2007.
With the first two phases sold out now, the management of CHRE
discloses that the third phase is already generating interest and
inquiries, which will translate into firm bookings.
Meanwhile, CHRE is also pioneering the concept of marketing holiday
homes in the country for the first time and this project is scheduled
for completion in 2008. Other projects earmarked are located in
Boralesgamuwa and Rajagiriya, where luxury homes are being planned and
CHRE is confident they will create a niche for themselves as have their
The Ceylinco Nivasa remains a key initiative of the company and has
been hailed by the middle income group in the country.
CHRE continues to move from strength to strength and its next move is
to go in for a Rs. 500 million non voting share issue to shore up a land
bank and expansion projects in the pipeline.