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Sri Lanka’s “IT city” sees profits soar Onally Holding Ltd, owners of the Unity Plaza complex next to Majestic City in Bambalapitiya, last week reported a comfortable post-tax profit of Rs 143 million in 2005-06, a huge jump from Rs 21.9 million in the previous year.
Chairman Gamunu Silva explained this sharp rise saying, “.. due to the revaluation of investment properties in accordance with SLAS 40 (a compulsory accounting practice).” He said the main reason for the increased turnover and profitability was the revision of rental of the existing tenants and maintaining the occupancy rate up to January 2006. Pre-tax profit was Rs 153.7 million (inclusive of fair gain value of Rs 117.8 million from revaluation) against Rs 31.5 million in the previous year. Turnover rose to Rs 51.3 million from Rs 46.5 million. The average floor area occupancy rate was 95.6 percent by the end of the reviewing financial year against 93.8 percent earlier. Silva said Unity Plaza continues to be a focus of a thriving technology industry with the majority of its occupants being computer-related companies. The main shareholders of the company are the UDA, Ceylon & Foreign Trades, Onally Gulamhusein and his wife Yvonne, Bede Selvanayagam and wife, Mercantile Credit and Merril J Fernando & Sons. |
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