Millennium Housing Developers net profit up 70% to Rs. 146 m

Thursday, 1 June 2017 00:00 - - {{hitsCtrl.values.hits}}

Millennium Housing Developers has made an admirable performance during the financial year ended on 31 March by recording a profit of Rs. 146 million with an EPS of 1.09 for the year 2016/17.

“We are extremely pleased with the performance amidst tough conditions; but this is a clear indicator of customer loyalty and confidence,” Millennium Housing Developers Plc Director Jayantha Perera said. “We see tremendous potential in this sector and we plan to expand our revenue streams beyond developing neighbourhoods,” he added.

“We have already launched two apartment projects; Heights Edmonton and Heights Colombo 5 where the Edmonton project is fully sold out and will be ready for handing over by end of June 2017. Heights Colombo 5 is 50% sold out where we have completed piling and the construction expected to commence shortly. These new projects are located in residential areas of Colombo with a few minutes’ drive to the city centre, supermarkets, banks and schools.

In addition we also have plans to develop 88 apartments at Rajagiriya, 50 in Nawala and 150 apartments in the administrative capital near Waters Edge for which the scenic properties have already been acquired. Considering the projects in hand, we see tremendous improvement in our cash flows and profitability in the next three years. Looking in to the future MHDL will enter in to luxury beach villas and Luxury Holiday Homes at strategic locations in the hill country and coastal areas with high demand for apartments.When asked about the future, Perera noted that there are many projects in the pipeline which will augur well for the firm to move forward steadily. He also emphasised that they will continue with the building of townships in addition to the middle and upper segment high-rise living spaces along with a futuristic approach of entering in to building and construction of luxury beach villas, holiday homes in the hill country and luxury living spaces in strategic locations in the island.