Renuka building profits from Fort traffic arrangements
Cargo Boat Development Company plc, operating an office building on Janadhipathi Mawatha, Colombo Fort has once again turned in a ‘highly satisfactory result’ in year ended March 31, 2015 maintaining high occupancy in its Renuka Building throughout the year with high-end tenants like Julius and Creasy.
The Company’s Chairman, Mr. R.B. Thambiayah, has said in its annual report that Janadhipathi Mawatha and all other roads leading to their building was now open to traffic increasing accessibility. Beautification of the surrounding area has added value to their property placing them in a better position to command higher rentals in the future.
They had continued to maintain and upgrade their building and ensure that their property was in good condition, he said.
The owning company had posted a pre-tax profit of Rs. 152.3 million, down from Rs.266.4 million a year earlier. This was largely on account of other income comprising interest, dividends, profit on share trading and profit on disposal of assets declining to Rs. 132 million from Rs. 291.2 million the previous year.
Rental income of Rs. 55.2 million has been received during the year, down from Rs. 59.1 million the previous year. The company had booked a gain of Rs.1.1 million on the disposal of shares against Rs. 95 million on that account the previous year. Dividend income was up to Rs. 53.7 million from Rs. 47.7 million and interest income to Rs. 53.9 million from Rs. 43 million the previous year.
Cargo Boat Development continues to maintain an investment portfolio of quoted company shares costing Rs. 528.7 million and carrying a market value of Rs 1.67 billion in its books. This portfolio is carried as an available-for-sale reserve of Rs.1.14 billion on their balance sheet.
The annual report revealed that a property at No 29 Baybrooke Street in which the company had 40% ownership had been sold to Renuka Land (Pvt) Ltd during the year under review at Rs. 107.2 million.
A related company is undertaking a commercial property development project on this land having decided not to proceed with a hotel project as originally intended.
Cargo Boat Development has a stated capital of Rs. 119 million, a general reserve of Rs. 949 million, and retained earnings of Rs. 106.2 million in its books. Total assets ran at Rs. 2.35 billion and total liabilities at Rs. 35.2 million.
Lancaster Holdings Ltd with 30.13%, Renuka Properties Ltd (22.12%), Associated Electrical Corporations (10.7%) and J.B Cocoshell (6.89%) are the major shareholders of Cargo Boat Development.
The Cargo Board Development share traded at a high of Rs. 149.80and a low of Rs 160 during the year under review against the trading rate of Rs. 151 and Rs. 73.20.
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The Directors of the Company are Messrs. R.B. Thambiayah (Chairman), Mrs. N.A. Thambiayah (Deputy Chairman) Ms. N.R. Thambiayah (Managing Director), Merril J Fernando, Mrs. M.A Jayawardane, Ms. S.R Thambiayah, R.S. Tissanayagam, C.S. Wijeyaratne and Ms. A.L. Thambiayah.
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