UDA makes RS 220 million profit in 2011

Ramani Kangaraarachchi

The UDA has saved Rs 30 million by way of cost reduction methods introduced recently. UDA Chairman Nimal Perera said that there was a huge waste of electricity and water and transport costs in the UDA. But after streamlining all operations the cost has come down drastically.

He said in 2011 the UDA made a net profit of Rs 220 million for the first time since Gotabhaya Rajapaksa, Secretary, Defence and Urban Development took over. The collection of revenues that stood at 38 percent earlier has increased up to 80 percent. Assets belonging to UDA were revalued and lands acquired by various parties illegally were taken back to the UDA. Details of all the lands were maintained manually earlier, but now it is being computerized. The process is expected to be completed next year.