Millennium Housing plans 7 more projects

Wednesday, 23 December 2015 00:00 - - {{hitsCtrl.values.hits}}

Millennium Housing Developers Plc has decided to expand its business by planning seven new housing projects within the greater Colombo area in 2016.

In this connection, the Company has incorporated two fully owned subsiadires - MC Ubran Developers Ltd., and MC Universal Ltd. These two firms last week signed agreements with the Board of Investment .

In FY 2015, the Company launched the Homagama Urban Range, began the first Apartment Project at Kirullapone and purchased land at Piliyandala for future project.

Considered the market leader in individual housing segments, Millennium Housing Developers Group has a 50 perch land in Kirillapone, another 35 perch land in Nawala and 100 perch buildable land in Athurugiriya apart from existing land in Ja-Ela.

In the six months ending 30 September, Millennium Housing Developers Plc revenue amounted to Rs. 427.4 million, up from Rs. 127 million a year earlier. Results from operating activities turned positive to Rs. 52.5 million as against a loss of Rs. 18 million.

Pre-tax profit was Rs. 52 million, up from a loss of Rs. 6 million. After tax profit amounted to Rs. 36.3 million as against a loss of Rs. 9 million.

In FY15, revenue was down by 3.5% to Rs. 689 million and after tax profit declined by 10% to Rs. 114 million.

Major shareholders of the Company include Ceyoka Ltd., (28.3%), V.R. Ramanan (27.4%) and the Nawaloka Construction Company (22%).