Financial Times

On'ally Holdings PLC profits ease


On'ally Holdings PLC which owns Unity Plaza, made a lower profit of Rs.36.9 million for the year ended 31 March 2009 compared to Rs.176 million for the corresponding period in 2008. According to the Annual Report, turnover for the period under review was Rs.71 million compared to a turnover of Rs.61 million the previous year. However, operating income for the year ended 31 March 2009 fell sharply to Rs.11.5 million when compared to Rs.154 million in 2008.

The Annual Report also shows that operating expenses increased to Rs.39 million in 2009 from Rs.34 million last year. Operating profit also decreased to Rs.43 million for the period under review from Rs.182 million in 2008.

Chairman Prathap Ramanujam said rentals of existing tenants were revised and the company maintained a higher rate of occupancy during the year, contributing to the higher turnover. The average occupancy based on floor area was 97.97% as at 31 March 2009 compared to 96.97% as at 31 March 2008.

Mr. Ramanujam said Unity Plaza continues to be the focus of the thriving information technology industry with the majority of its occupants being computer related companies. It also catered to the state sector with government departments occupying more than two floors of the building during the year. He added that despite the challenges posed by the current economic climate, the company is looking forward with caution, to continued profitability.

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