Piramal to divest part of Ratmalana land for Rs. 355 m

Monday, 29 April 2013 02:04 - - {{hitsCtrl.values.hits}}

Prime Glass has agreed to sell part of its Ratmalana land for Rs. 355 million to real estate developer Prime Lands Ltd. The final sale transaction is likely to be completed on or before 30 June.

Piramal has around 21 acres of land at Ratmalana which used to house its main plant (before shifting to Horana in 2007/8 and the deal struck with Prime Lands is for 10 acres. The fair value of this land which is shown as Investment Property in Piramal’s books, as at 31 March 2012, was Rs. 700 million. Piramal as at 31 December 2012 had Rs. 3.47 billion as capital and reserves, up from Rs. 3 billion a year earlier including Rs. 1.25 billion as retained earnings and Rs. 1.52 billion as stated capital. Total assets were Rs. 7.19 billion, up from Rs. 6.89 billion a year earlier whilst liabilities amounted to Rs. 2.87 billion, up from Rs. 2.47 billion.

Last week the Company announced a first and final dividend of 38 cents per share for FY13, up from 36 cents per share in the previous two years.

In the nine months of FY13, Piramal’s revenue was Rs. 4.09 billion, up from Rs. 3.7 billion in the corresponding period of last year whilst pre-tax profit rose to Rs. 640.5 million from Rs. 597.6 million. After tax profit amounted to Rs. 620.7 million, up from Rs. 588.6 million.