Sri Lanka's Ceylon Theatres Sees Rapid Growth in Real Estate Sector

Following a decade-long economic slump, Sri Lanka is poised for rapid growth, particularly in the real estate sector, according to Ceylon Theatres, a leading conglomerate. The company has noted significant progress in its residential development project, Empire, with 85% of apartments sold and 10% signed up. Additionally, the company has completed basic development work in a township, setting it up for substantial growth in the coming years.

Key Takeaways:

• Ceylon Theatres has seen rapid growth in its real estate sector, anticipating a post-war boom in Sri Lanka.
• The company has sold the bulk of apartments in its Empire residential development project, with 85% sold and 10% signed up.
• The group's net profit rose 12.69% to 374 million rupees (US$3.3 million) in the financial year ending March 31, 2010, driven by profit growth in the retail, fast-moving consumer goods, and ceramic and tiles businesses.
• Chairman Anthony Page emphasized that the company will focus on rapidly growing its retail operations and expanding the FMCG business, as well as exploring opportunities in financial services, real estate, and leisure sectors.
• The company has completed basic development work in a township and is set to experience rapid growth in the coming years.
• Ceylon Theatres is changing its name to CT Holdings with a new logo to be launched soon.

Statistics:

• 85% of apartments in the Empire residential development project have been sold.
• 10% of apartments in the Empire project have been signed up.
• Net profit rose 12.69% to 374 million rupees (US$3.3 million) in the financial year ending March 31, 2010.
• Sales increased by 1.68% to 39.2 billion rupees in the same period.
• The company's earnings per share rose 12.33% to 2.19 rupees the year ended March 31, 2010.

Sources:

• (LBO) 16-09 1809
• Ceylon Theatres' annual report to shareholders.