Cargo Boat Development invests in more Fort property

Cargo Boat Development Company PLC (CBDC) has invested Rs. 20 million in 16.75 perches of land on Janadhipathi Mawatha where it owns a high rise office complex according to a provisional financial statement for the nine months ended December 31, 2009 now with shareholders.

The company said in this statement that all floors of its Renuka Building in the Fort, plagued for many years by security measures in the area, are now tenanted.

CBDC had grown income but seen a downturn in profitability during the period under review largely on account of a sharp dip in its share trading income. This was down 77% to Rs.22.5 million during the period under review from Rs.97.9 million a year earlier.

Revenue was up 33% to Rs.32.1 million during the nine months while the after-tax profit was down 63% to Rs.47 million from Rs.126.5 million a year earlier.

This translated to an earning per share of Rs.4.61, down from Rs.12.41 the previous year.

For the past several years the company which owns a valuable share portfolio has boosted its building income with profits by trading on the Colombo Stock Exchange (CSE).

Cargo Boat Development has a stated capital of Rs.119 million, general reserves of Rs.319 million and retained earnings of Rs.43.2 million in its books.

According to the cash flow statement the company had made a profit of Rs.4.8 million on the disposal of shares during the period under review against a profit of Rs.77.2 million on this account a year earlier.

Dividends received during the nine months at Rs.17.7 million were down from Rs.20.7 million a year earlier.

Lancaster Holdings with 30.13%, Renuka Properties with 22.11% and J.B. Cocoshell with 8.18% are the biggest shareholders of Cargo Boat Development.

The directors of the company are: Messrs. R.B. Thambiayah, Merril J. Fernando, Mrs. N.A. Thambiayah, Mrs. M.A. Jayawardena, Ms. S.R. Thambiayah, R.S. Tissanayagam, C.S. Wijeyeratne and Ms. A.L. Thambiayah.

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