Sri Lanka Property Development gets in to hydro-power

Apr 25, 2011 (LBO) – Sri Lanka’s Property Development, a subsidiary of the state-owned Bank of Ceylon, has acquired hydro-power company for 23.6 million rupees. The acquisition of a 95 percent stake in Koladeniya Hydropower was revealed in the company’s financial results for the March 2011 quarter filed with the Colombo stock exchange.

Property Development’s profit rose 12.6 percent to 75 million rupees in the March 2011 quarter from a year ago while sales rose 11.2 percent to 120 million rupees.