Financial Times

While maintaining focus on the core business of renting office space and the leasing of luxury apartments, Ceylinco Seylan Development Limited has been able to continue from the previous year, to implement strategies to generate other income from diversified activities in the property development sector which helped to increase profitability of the company. “By such other income, together with prudent control of expenditure, we have been able to bring success to the company. One major factor was the success of the recent financial restructuring which enables us to reduce financial costs when compared to other years,” Chairman Lalith Kotelawala has said in his annual review of the company.

“Furthermore, we would like to inform you that it was our diversified activities in the property development sector which contributed in increasing the profitability of the company,” the report said.

He has said that the company is in the planning stage for the third shopping complex project, well within the Colombo suburbs. “We have already acquired suitable land for this purpose in Nawala,” he has said, adding that despite the external environment continues to be not very conducive to business activities, the company has made a profit of Rs 44,753,204 before tax and Rs 40,523,009 after tax for 2005.