CT Land Development Limited, owners of the Majestic City, claimed to be the country’s premier shopping mall and entertainment complex, has posted what its chairman called a "very satisfactory" year with its after-tax profit growing to Rs.169.1 million from the previous year’s Rs.154.8 million.

The company’s Chairman, Mr. Raj Selvaskandan, said that the pre-tax profit without the gain on revaluation of its investment properties had grown 28% during the year.

As a result of rental charges last being revised on January 1, 2007 the results of the year under review had seen the full year impact of the rent revision with income on that account up Rs.26 million over the previous year.

"This, along with increases in car park and other related income, increased the total revenue by Rs.28.3 million. Net interest income also increased by Rs.6.7 million over the previous year," the chairman said.

However, operating expenditure has grown by Rs.7 million largely on account of electricity cost increases and the management was taking every possible measure to minimize expenses while maintaining the best level of service.

The Majestic City complex which is now into its 17th year of operation includes 249 shops, banks and a restaurant in addition to a food court, a children’s play area and a cinema.

"The mall also boasts of a variety of shopping items and cuisine to cater to a wide range of styles and tastes. We welcome customers to an enjoyable shopping experience in a clean and relaxed environment," Selvaskandan said.

Mr. Anthony Page who had been associated with every aspect of the management of CT Land since the inception of the company and became its Chairman on September 8, 2000 following the death of his father, Mr. Albert A. Page, retired on March 24, 2008, with Mr. Selvaskandan taking the chair from March 25.

He paid a warm tribute to Page for the "invaluable service" rendered to the company saying he was always available to advice, guide and assist on operational matters. He was personally involved in the finance and IT areas and the development of accounting software for the company.

An interim dividend of 60 cents per share had been paid during the year under review and the directors recommended a final dividend of 50 cents a share which was paid in July. The total pay out for the year under review at Rs.53.6 million was the same as in the previous year.

Selvaskandan said that they expected the refurbishment program to Majestic City to be concluded in the financial year expressing confidence that the improvements that have been made will enable the complex to remain the most popular mall in the city and improve the business volumes of its tenants.

"Despite the various challenges and uncertainties, we look forward positively to the future. Our focus will continue to be to increase shareholder value by optimum operations," he said.

CT Land, a Ceylon Theatres company, has a stated capital of Rs.487.5 million and retained earnings of Rs.1.5 billion in its books.

The CT Land share traded at a high of Rs.19.75 and a low of Rs.11.75 during the year.

Ceylon Theatres Limited with 41.14% is the biggest shareholder of the company followed by Cargills (a member of the Ceylon Theatres group) with 10.75%, Dr. T. Senthilverl (8.24%), NSB (6.82%) and Ceybank Unit Trust (4.69%).