Sunday, 25 October 2009

Sri Lanka Ceylon Theatres hit by property market slump

Sri Lanka Ceylon Theatres hit by property market slump
Oct 06, 2009 (LBO) - Sri Lanka's Ceylon Theatres group has completed a big high-rise project with 80 percent of luxury apartments sold but was struggling to sell the rest as higher costs caused losses in the property unit.
However, chairman Anthony Page said he was optimistic the end of the island's war and economic recovery would enable the group to make better use of its real estate assets in which investments were continuing.Group net profits for the March 31, 2009 financial year fell 21 percent to 326 million rupees from a year ago, according to the annual report filed with the stock exchange.
Sales rose 21.11 percent to 38.6 billion rupees over the same period with the group's retail and fast moving consumer goods business enjoying what Page called above average growth.
The group's real estate and property business suffered a "substantial set back" in the year, Page told shareholders in his annual report.
Group subsidiary CT Properties completed the ‘Empire’ apartment project, a twin-towered, high-rise built on prime property in the heart of the capital Colombo where a cinema by the same name had stood.

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Source - LBO

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