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Monday, February 28, 2011

PDL ventures into hydropower

By Keishara Perera

Property Development PLC (PDL), which is the property arm of Bank of Ceylon, has ventured into hydropower, acquiring 94.6% stake of Koladeniya Hydropower Pvt (Ltd) (KHP), according to the company's Annual Report, which also happens to be the first to be submitted to the Colombo Stock Exchange for 2010.

PDL Chairman Dr. Gamini Wickramasinghe said they were actively pursuing opportunities for prospective investments in the power generation sector. KHP has all rights to set up a mini Hydropower plant in Ambagamuwa, Ginigathhena.

However, Wickramasinhge refused to disclose the size of the investment and the manner in which PDL raised funds to purchase the 94 percent stake.

The annual report said, the company is also looking at opportunities in the real estate development sector as well.

PDL's December 31 (2011) net profit stood at Rs. 253 million, when compared with Rs. 292million in 2009. Earning Per Share for the period was 3.83, reflecting a decrease from the previous 4.44.

During the third quarter, net profit after tax indicated an increase of Rs. 76 million compared to Rs. 73million, the previous year. Earnings Per Share was 1.15 as against 1.11 in 2009.

source - www.dailymirror.lk