On’ally Holdings PLC, a property development company, has recorded a post tax profit of Rs.31.39 million during the financial year 2007/2008, up around 20 percent from Rs. 24.72 million in the previous year. In his review published in the company’s annual report, Chairman of On’ally Holdings PLC Dr. P. Ramanujam says that the turnover of the company increased from Rs. 55.44 million to Rs. 61.86 million whilst operating profit also rose from Rs. 31.69 million to Rs. 37.23 million.

He attributed this increased turn over and profitability due to revision of rentals of the existing tenants and the maintaining of higher occupancy rates at Unity Plaza complex during the financial year. The average occupancy based on floor area was 96.91% as at March 31st this year, he said.

The directors of the company also proposed to pay a dividend of Rs.2.05 per share making it the largest payout to shareholders since the inception of the company. Dr. Ramanujam said that Unity Plaza continues to be the focus of the thriving information technology industry with the majority of its occupants being computer related companies. He noted that government departments are also occupying more than two floors of the building at present .