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Government Gazette

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. 115.

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 previous projects.

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.


Gamin Gamata - Presidential Community & Welfare Service
Sri Lanka

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