Sri Lanka's UDA profits up five fold on interest income

Sat, 25 May 2013 00:11:55

29 Jun, 2012 13:45:54

June 29, 2012 (LBO) - Sri Lanka's state-run Urban Development Authority has reported profits of 336 million rupees for the March 2012 quarter, up 552 percent from a year earlier, helped by higher interest income.

The agency has raised 10 billion rupees from a debenture listed on the Colombo Stock Exchange. The funds were to develop Colombo city the agency said.

The agency said revenues rose to 312 million rupees in the March quarter from 301 million a year earlier, including 96 million rupees of gross profits from Waters Edge, a golf course club house it was given by a court order.

UDA's main revenues came from rent which rose to 144 million rupees from 122 million rupees, according to accounts filed with the Colombo Stock Exchange.

Its other income rose steeply to 480 million rupees from 176 million rupees a year earlier.

Interest income rose to 337 million rupees from 101 million rupees a year earlier.

UDA had 13.0 billion rupees in fixed deposits and Treasury repurchase deals.