Financial Times

Elephant House property at Slave Island worth Rs 2 billion

The Ceylon Cold Stores (CCS) property at Slave Island, where the famous Elephant House soft drinks were produced for decades until it moved to a new plant at Kaduwela some years back, is likely to be worth Rs 2 billion.

C. T. Smith Stockbrokers Ltd, commenting on the company’s first quarter 2006-07 results, said it believed the current market value of CCS’s land and buildings – 4.97 acres of freehold land and 3.16 acres of leasehold land is likely to be in excess of Rs 2 billion against Rs 492 million when last revalued in financial year 2002-03.

While supermarket revenue for CCS has risen by 51% to Rs 968 million in the first quarter of 2006-7 year against the same quarter in the previous financial year, supermarket operations were a net loss for the company.

It said supermarketing operations reported a net loss of - Rs.11 million compared with a net loss of - Rs.19 million in the previous year. Revenue was up 27% to Rs 1.98 billion while CCS net profit gained by 132% to Rs.70 million.

Profits from primarily carbonated soft drinks and ice cream were up 63% to Rs 125 million. Total interest bearing debt fell from Rs 680 million as at the end of first quarter 2005-6 and Rs 685 million as at end FY2005-06 to Rs 592 million by end of the period under review.

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