On’ally Holdings Ltd. (OHL), the owners of the Unity Plaza Building at Bambalapitiya, saw turnover increasing by 11.92%, from Rs 30.424 million made during the financial year 1999/2000, to Rs 34.05 million for the financial year 2000/01, the Company’s 2000/01 Annual Report said.

A public sector-private sector joint venture, with the Government owned Urban Development Authority (UDA) being the largest stakeholder with a 47.61% holding in the Company, its Chairman Dr C.K.M. Deheragoda who is also the UDA Chairman in his review said that the Company foresees an increase of Rs five million in revenue for the next financial year (2001/02) as a result of improved occupancy and rent income.

"Unoccupied floor space as at March 31, 2001 was 5,507 square feet (7.2%). Every effort is being made to further increase occupancy. Vacant space in fact has since been reduced to 4,251 sq.ft. (5.55%) in June," Deheragoda said.

During the year, the ‘investment properties’ of the Company were revalued by an independent external valuer and the present value was increased to Rs 468,203,500 from Rs 352,612,589. The ‘Revaluation Reserve’ was thus increased to Rs 298,527,048, he said.

The Company made an after tax profit of Rs 17,574,260 for the year under review, as against Rs 15,605,000 made the previous year. Its profit before tax was Rs 24,672,684; as against Rs 22,853,768 made during the financial year 1999/00.

‘The directors have proposed a final dividend of 9%, while an interim dividend of 3% was paid on December 8, 2000,’ says Deheragoda. The total dividend of 12% for the year is declared out of taxable profits. Hence, Advance Company Tax (ACT) of 54% is payable on both dividend distributions.

Resident individual shareholders are entitled to claim the ACT from the Inland Revenue Department, making a tax effective dividends of 18.48% for the year, adds Deheragoda. No transfer was made to Repairs and Maintenance Reserve during the year as it was considered that the present balance of Rs 24 million is sufficient for the purpose, he further said.

The Building however is regularly being refurbished and during the year over Rs one million was incurred on refurbishment and upkeep and charged to revenue, Deheragoda said. The Company paid management fees totalling Rs 480,000 to the UDA for the year under review, as against Rs 420,000 the previous year.

Directors’ emoluments increased from Rs 750,000 to Rs 1,237,500. Meanwhile, the market value of a company share declined from Rs 9.50 (as at March 31, 2000) to Rs 8.50 as at March 31,2001. However, earnings per share increased from Rs 1.11 to Rs 1.26, dividends per share from Rs one to Rs 1.20 and net assets per share from Rs 25.35 to Rs 33.51. Total reserves of the Company as at March 31, 2001 was Rs 329,153,351 (Rs 214,921,710 as at March 31, 2000).

OHL’s issued and paid up capital as at March 31, 2001, was Rs 140,006,160 divided into 14,000,616 shares of Rs 10 each. The Company’s other directors are Onally Gulamhussein (Managing Director), Yvonne Gulamhusein, B. Selvanayagam, H.P.Silva [ Director (Western Province) UDA], S.Wickremesinghe, W.A.Siriwardena (UDA Director General), Prof. T.K.N.P. de Silva and W.J.K.Geeganage [Director (Finance) UDA].

The Company had a total of 596 shareholders as at March 31, 2001. Its other major shareholders as at March 31, 2001 were Renuka Properties Ltd (12.11%), O. Gulamhussein (11.93%), Renuka Consultants & Services Ltd (7%), B.Selvanayagam and L. Selvanayagam (4.28%), Cargo Boat Development Company Ltd (4.17%), Renuka Hotels Ltd (2.07%), Mercantile Credit Ltd (1.24%), L.Selvanayagam (0.99%), Crescent Launders & Dry Cleaners Pvt Ltd (0.89%), Merril J.Fernando & Sons (Pvt) Ltd (0.68%), K.Aloysius (0.48%), E.E.M.Woodward & H.W.M. Woodward (0.47%), J.W. Spain (0.36%), Midas Investments Ltd (0.29%), K.S.Cooray and M.N.Alawdeen (0.24% each), Dr T. Senthilveri (0.18%), K.Gnanethiran (0.17%) and D.A.S.S. Ganegoda (0.13%). (PA)