Ascot sells 1 acre land for Rs. 152.5 m

Ascot Holdings Plc has disposed off 1 acre land at Ratmalana for Rs. 152.5 million.

The buyer was Excel Property Development Ltd.

The announcement saw Ascot’s share price touch a high of Rs. 174 but closed the week at Rs. 161.70, down by Rs. 7.20 from the previous week with 5.27 million shares traded. Plans to sell 309 perches of land in Mt. Lavinia had been on the cards for some time. In the first half of 2011/12 financial year, the consolidated net loss was Rs. 5.8 million, down from Rs. 8.5 million a year earlier. Group revenues rose by 19% to Rs. 39 million.