By J. Kurukulasuriya
Ceylon Finance Today: During the year under review the pharmaceutical operations of Colombo Pharmacy Company – which owned the iconic landmark 'IC Drug Stores' at Bambalapitiya junction, were completely discontinued and the company is now engaged in real estate dealings as its principal activity, and is known as Colombo City Holdings PLC.
A significant event which has occurred after the reporting date was that a third party has confirmed purchase of the land and building located at No.740, Galle Road, Colombo 4, at a consideration of Rs 206,625,000. The company has already received an advance from the buyer to confirm this transaction.
The name of the company changed from 'The Colombo Pharmacy Company PLC' to 'Colombo City Holdings PLC' on 3 July 2013. Incorporated in 1913, it is certainly one of the oldest listed companies on the Colombo Stock Exchange and the share was being traded as early as in the 1950s, but it re-registered under the Companies Act No. 7 of 2007, on 13 August 2007.
"Dispensing chemists and acting as retail dealers in pharmaceuticals operation ceased during the period", says the company in its annual report for 2014. At present, all the items of Statement of Financial Position, which were used in the Pharmaceutical business have been transferred to the new business activity. Further, some of the furniture and fittings are being used for the new business activity and some were disposed of.
The most recent revaluation of the company's land and buildings was on 31 March 2012, by Chulananda Wellappili Independent Incorporated Valuer. The land at Bambalapitiya was valued at Rs 113 million, and the Building at Rs 8,465,000. According to the significant assumptions used by the valuer in the years 2014 and 2013, land and buildings (Union Place, Colombo) have a market value of Rs 7,000,000 per perch at 31 March 2014.
"The management decided to change the original purpose of other capital reserve and revenue reserve. Hence, such reserves with an aggregate value of Rs 547,192,613 have been transferred to 'retained earnings' during the year," says the annual report.
The company made a profit for the year of Rs 47,545,371, up 13% from the previous year's Rs 41,906,904. The company's revenue consists of a rental income of Rs 45.9 million from investment property, up 115% from the Rs 21.3 million of the previous year.
Property, plant & equipment with a cost of Rs 1,127,964 have been fully depreciated and continue to be in use by the company.
The company has a stated capital of Rs 11,137,505 consisting of 1,272,857 fully paid ordinary shares. There are 1,534 shareholders. Lanka Century Investments PLC., holds 66% of the shares while others hold less than 3% each. J. E. Costa and H. E. B. De Mel, are the major individual shareholders.
The highest value per share recorded during the period was Rs 690 and lowest Rs 426. The share traded at Rs 640, at the end of last week.
The company has seven directors, six of whom are non executive directors, and two over the age of 70.
www.ceylontoday.lk
Ceylon Finance Today: During the year under review the pharmaceutical operations of Colombo Pharmacy Company – which owned the iconic landmark 'IC Drug Stores' at Bambalapitiya junction, were completely discontinued and the company is now engaged in real estate dealings as its principal activity, and is known as Colombo City Holdings PLC.
A significant event which has occurred after the reporting date was that a third party has confirmed purchase of the land and building located at No.740, Galle Road, Colombo 4, at a consideration of Rs 206,625,000. The company has already received an advance from the buyer to confirm this transaction.
The name of the company changed from 'The Colombo Pharmacy Company PLC' to 'Colombo City Holdings PLC' on 3 July 2013. Incorporated in 1913, it is certainly one of the oldest listed companies on the Colombo Stock Exchange and the share was being traded as early as in the 1950s, but it re-registered under the Companies Act No. 7 of 2007, on 13 August 2007.
"Dispensing chemists and acting as retail dealers in pharmaceuticals operation ceased during the period", says the company in its annual report for 2014. At present, all the items of Statement of Financial Position, which were used in the Pharmaceutical business have been transferred to the new business activity. Further, some of the furniture and fittings are being used for the new business activity and some were disposed of.
The most recent revaluation of the company's land and buildings was on 31 March 2012, by Chulananda Wellappili Independent Incorporated Valuer. The land at Bambalapitiya was valued at Rs 113 million, and the Building at Rs 8,465,000. According to the significant assumptions used by the valuer in the years 2014 and 2013, land and buildings (Union Place, Colombo) have a market value of Rs 7,000,000 per perch at 31 March 2014.
"The management decided to change the original purpose of other capital reserve and revenue reserve. Hence, such reserves with an aggregate value of Rs 547,192,613 have been transferred to 'retained earnings' during the year," says the annual report.
The company made a profit for the year of Rs 47,545,371, up 13% from the previous year's Rs 41,906,904. The company's revenue consists of a rental income of Rs 45.9 million from investment property, up 115% from the Rs 21.3 million of the previous year.
Property, plant & equipment with a cost of Rs 1,127,964 have been fully depreciated and continue to be in use by the company.
The company has a stated capital of Rs 11,137,505 consisting of 1,272,857 fully paid ordinary shares. There are 1,534 shareholders. Lanka Century Investments PLC., holds 66% of the shares while others hold less than 3% each. J. E. Costa and H. E. B. De Mel, are the major individual shareholders.
The highest value per share recorded during the period was Rs 690 and lowest Rs 426. The share traded at Rs 640, at the end of last week.
The company has seven directors, six of whom are non executive directors, and two over the age of 70.
www.ceylontoday.lk
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