Colombo City : Interim Financial Statements for the period ended 31 March 2024

Interim Financial Statements

Period ended 31 March 2024

Corporate Information

Domicile & Legal Form Colombo City Holdings PLC is a Public Limited Liability Company incorporated and domiciled in Sri Lanka. The registered office of the Company is located at No. 10, 5th Floor, Gothami Road, Colombo 08.

Quoted on the Colombo Stock Exchange on the 01 January 1949 and incorporated in Sri Lanka in 1913 and Re- registered under the Companies Act No. 07 of 2007 on 13 August 2007.

Principal Activity & Nature	Real Estate Company
of the Company
Company Reg. No.	PQ 71
Board of Directors
	Mr. A. W. Atukorala	-	Independent Non-Executive Director
	Dr. K. S. Narangoda	-	Non-Executive Non Independent Director
	Mr. Y. Kanagasabai	-	Non-Executive Director
	Mr. S.L. Sebastian	-	Independent Non-Executive Director
Secretaries	NEXIA CORPORATE CONSULTANTS (PRIVATE) LIMITED
	No.130, 2nd Floor, Nawala Road, Narahenpita, Colombo 05.
Registrars	S S P CORPORATE SERVICES (PRIVATE) LIMITED
	101, Inner Flower Road,	Colombo 3
Auditors	ERNST & YOUNG
	Chartered Accountants, No. 201, De Saram	Place, Colombo 10.
Bankers	Pan Asia Banking Corporation PLC
	Nations Trust Bank PLC
	Seylan Bank PLC
	National Development Bank PLC
	Sampath Bank PLC
Contact Details	Registered Office

No. 10, 5th Floor, Gothami Road, Colombo 08.

Telephone	- [phone]
Fax	- [phone]

1

COLOMBO CITY HOLDINGS PLC STATEMENT OF PROFIT OR LOSS

GROUP

COMPANY

For the Quarter Ended 31st March

Revenue

Direct Cost

Gross Profit

Change in Fair Value of Investment Property

Change in Fair Value of Investment In Subsidiary

Capital Gain/(Loss) on Disposal of Shares

Capital Gain/(Loss) on Disposal of Government Securities

Other Income

Administrative Expenses

Change in Fair Value of Financial Assets measured at fair value through Profit or Loss

Operating Profit

Finance Income

Finance Cost

Taxes on financial services

Profit Before Tax

Income Tax Expense

Profit/(Loss) for the Period

2024	2023	% Change
	Un-Audited	Un-Audited
	Rs 000	Rs 000
15,910	25,663	-38%
(780)	(842)	-7%
			-39%
15,130	24,821
320,800	59,500	439%
(751)	5,781	-113%
-	-
34	24,753	-100%
(8,370)	(10,073)	-17%
33,028	(10,953)	-402%
359,871	93,829	284%
40,045	52,772	-24%
(253)	(10,125)	-98%
(2,476)	(3,903)	-37%
			200%
397,187	132,573
(185,880)	(90,253)	106%
			399%
211,307	42,320

2024

Un-Audited

Rs 000

-

-

-

212,957

(751)

-

-

(6,772)

32,716

238,151

38,173

(19)

-

276,306

(95,461)

180,845

2023

Un-Audited

Rs 000

-

-

-

77,567

5,781

-

24,689

(7,090)

(10,997)

89,950

50,090

(6,120)

-

133,920

(43,303)

90,617

Earnings/(Loss) per share

Basic (Rs.)

The Notes form an integral part of these Financial Statements Figures in bracket indicate deductions

8.3033.25

7.1071.19

2

COLOMBO CITY HOLDINGS PLC

STATEMENT OF OTHER COMPREHENSIVE INCOME

GROUP

COMPANY

For the Quarter Ended 31st March

Profit/(Loss) for the Period

Other Comprehensive Income

Other Comprehensive Income that may be Reclassified to Profit or Loss in Subsequent Period

Other Comprehensive Income not be Reclassified to Profit or Loss in Subsequent Period

Actuarial Gain /(Loss) on Defined Benefit Plans

Income Tax effect on Other Comprehensive Income

Total Other Comprehensive Income for the Period, Net of Tax

Total Comprehensive Income/(Loss) for the Period

2024

Un-Audited

Rs 000

211,307

(5)

2

-

(4)

211,304

2023

Un-Audited

Rs 000

42,320

-

-

-

-

42,320

2024

Un-Audited

Rs 000

180,845

(5)

2

-

(4)

180,841

2023

Un-Audited

Rs 000

90,617

-

-

-

-

90,617

3

COLOMBO CITY HOLDINGS PLC

STATEMENT OF PROFIT OR LOSS

For the Period Ended 31st March

Revenue

Direct Cost

Gross Profit

Change in Fair Value of Investment Property

Change in Fair Value of Investment In Subsidiary

Capital Gain/(Loss) on Disposal of Shares

Capital Gain/(Loss) Loss on Disposal of Government Securities

Other Income

Administrative Expenses

Change in Fair Value of Financial Assets measured at fair value through Profit or Loss

Operating Profit

Finance Income

Finance Cost

Taxes on financial services

Profit Before Tax

Income Tax Expense

Profit for the period

Earnings per share

Basic (Rs.)

	GROUP
2024		2023	% Change
	Un-Audited		Audited
	Rs 000		Rs 000
77,202		88,206	-12%
(3,895)		(3,430)	14%
			-14%
	73,307		84,777
320,800		46,500	590%
581		(1,181)	-149%
23,956		(11,046)	-317%
3,171		5,642	-44%
(34,087)		(33,870)	1%
119,615		(59,948)	-300%
507,343		30,875	1543%
195,963		217,896	-10%
(15,835)		(16,120)	-2%
(9,597)		(10,490)	-9%
			205%
	677,874		222,160
(251,757)		(136,081)	85%
			395%
	426,117		86,079

16.7467.63

	COMPANY
	2024	2023	% Change
	Un-Audited	Audited
	Rs 000	Rs 000
	-	-	-
	-	-	-
			-
	-	-
	212,957	33,664	533%
	581	(1,181)	-149%
	23,956	(11,046)	-317%
	3,050	5,533	-45%
	(29,404)	(27,161)	8%
	119,310	(59,971)	-299%
	330,450	(60,162)	-649%
	187,231	209,205	-11%
	(12,160)	(8,128)	50%
	-	-	-
			259%
	505,521	140,914
	(143,491)	(99,972)	44%
			784%
	362,030	40,942

14.2232.17

The Notes form an integral part of these Financial Statements Figures in bracket indicate deductions

4

COLOMBO CITY HOLDINGS PLC

STATEMENT OF OTHER COMPREHENSIVE INCOME

GROUP

COMPANY

For the Period Ended 31st March

Profit for the Period

Other Comprehensive Income

Other Comprehensive Income that may be Reclassified to Profit or Loss in Subsequent Period

Other Comprehensive Income not be Reclassified to Profit or Loss in Subsequent Period

Actuarial Gain /(Loss) on Defined Benefit Plans

Income Tax effect on Other Comprehensive Income

Total Other Comprehensive Income for the Period, Net of Tax

Total Comprehensive Income for the Period

2024

Un-Audited

Rs 000

426,117

(5)

2

(4)

426,113

2023

Audited

Rs 000 86,079

183

(55)

128

86,207

2024

Un-Audited

Rs 000

362,030

(5)

2

-

(4)

362,027

2023

Audited Rs 000

40,942

183

(55)

-

128

41,071

5

COLOMBO CITY HOLDINGS PLC STATEMENT OF FINANCIAL POSITION

GROUP

COMPANY

As at 31 March 2024

ASSETS

Non-Current Assets

Property, Plant & Equipment

Investment Property

Investment in Subsidiary

Non Current Financial Assets

Right - of Use - Assets

Current Assets

Trade and Other Receivables

Other Financial Investments

Income Tax Recoverable

Cash in Hand and at Bank

Total Assets

EQUITY AND LIABILITIES Equity

Stated Capital

Retained Earnings

Total Equity

Non-Current Liabilities

Employee Benefit Liability

Deferred Tax Liability

Lease Liability

Current Liabilities

Trade and Other Payables

Lease Liability

Interest Bearing Loans and Borrowings

Income Tax Payable

Total Equity and Liabilities

Net Assets Per Share (Rs.)

31-Mar-24Un-Audited Rs 000

585

1,285,800

-

-

-

1,286,385

578,722

926,979

4,754

2,118

1,512,574

2,798,958

11,138

2,436,768

2,447,906

1,260

231,456

-

232,716

27,073

-

-

91,262

118,336

118,336

2,798,958

96.16

31-Mar-23

Audited

Rs 000

912

965,000

-

45,223

-

1,011,134

742,071

556,506

4,754

9,481

1,312,812

2,323,947

11,138

2,010,655

2,021,792

974

116,779

-

117,753

64,105

-

98,000

22,297

184,402

184,402

2,323,947

1,588.39

31-Mar-24Un-Audited Rs 000

8

-

1,413,631

-

475

1,414,113

219,157

863,870

-

1,519

1,084,545

2,498,659

11,138

2,309,731

2,320,868

1,260

145,289

-

146,549

15,528

437

-

15,276

31,242

31,242

2,498,659

91.17

31-Mar-23

Audited

Rs 000

12

-

1,200,673

45,223

1,040

1,246,948

392,707

517,067

-

2,763

912,537

2,159,485

11,138

1,947,704

1,958,842

974

62,892

366

64,232

15,672

442

98,000

22,297

136,411

136,411

2,159,485

1,538.93

I certify that the Financial Statements have been prepared in compliance with the requirements of Companies Act No. 07 of 2007.

Sgd.

Anuradha Ranganath

Head of Finance

The Directors are responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board.

Sgd.	Sgd.
Y. Kanagasabai	Dr. K S Narangoda
Director	Director
The notes form an integral part of these financial statements.
Figures in brackets indicate deductions
20th May 2024
Colombo

6

COLOMBO CITY HOLDINGS PLC

STATEMENT OF CHANGES IN EQUITY

	Attributable to Equity Holders of the Company
GROUP	Stated Capital	Retained Earnings
	Rs 000	Rs 000
Balance as at 31 March 2022- Audited	11,138	1,924,448

Total Equity

Rs 000

1,935,585

Profit for the period	-	86,079	86,079
Other Comprehensive Income	-	128	128
Total Comprehensive Income for the Period	-	86,207	86,207
Balance as at 31 March 2023 - Audited	11,138	2,010,655	2,021,792
Balance as at 31 March 2023 - Audited	11,138	2,010,655	2,021,793

Profit for the period	-	426,117
Other Comprehensive Income	-	(4)
Total Comprehensive Income for the Period	-	426,113
Balance as at 31 March 2024 - Un Audited	11,138	2,436,768

426,117

(4)

426,113

2,447,906

COMPANY	Stated Capital	Retained Earnings
	Rs 000	Rs 000
Balance as at 31 March 2022- Audited	11,138	1,906,633

Total Equity

Rs 000

1,917,771

Profit for the period	-	40,942	40,942
Other Comprehensive Income	-	128	128
Total Comprehensive Income for the Period	-	41,071	41,071
Balance as at 31 March 2023 - Audited	11,138	1,947,704	1,958,841
Balance as at 31 March 2023 - Audited	11,138	1,947,704	1,958,842

Profit for the period	-	362,030
Other Comprehensive Income	-	(4)
Total Comprehensive Income for the Period	-	362,027
Balance as at 31 March 2024 - Un Audited	11,138	2,309,731

362,030

(4)

362,027

2,320,869

7

COLOMBO CITY HOLDINGS PLC CASH FLOW STATEMENT

GROUP

COMPANY

For the Period Ended 31st March

Cash flows From Operating Activities

Profit before Taxation

Adjustment for

Depreciation

Change in Fair Value of Investment Property

Dividend Income

Fair Value Gain on Investment In Subsidiary

Provision for Defined Benefit Plans

Profit from disposal of Financial Assets

Interest Income

Gain/Loss on Government Securities

Gain on Disposal of Shares

Change in Fair Value of Investments

Right Of Use Asset Amortizaton

Finance cost

Operating Profit/(Loss) before Working Capital Changes (Increase)/ Decrease in Trade & Other Receivables

Increase/ (Decrease) in Trade & Other Payables

Cash Generated/(Used) from Operations

Interest Paid

Income Tax Paid

Rental paid

Net Cash Flow Generated/(Used) from Operating Activities

Cash Flow from Investing Activities

Acquisition of Property, Plant & Equipments

Investment in Subsidiaries

Investments in Financial Assets

Proceeds from Financial Assets

Dividend Received

Interest Received

Net Cash Flow Generated/(Used) in Investing Activities

Cash Flow from Financing Activities

Proceed from Interest Bearing Loans and Borrowings

Repayment of borrowings

Net Cash Flow Generated/(Used) from Financing Activities

Net Increase/Decrease in Cash & Cash Equivalent during the period

Cash & Cash Equivalents at the beginning of the year

Cash & cash equivalents at the end of the period

2024

Un-Audited

Rs 000

677,874

432

(320,800)

(3,051)

281

-

(250,750)

(23,956)

(581)

(119,615)

15,835

(24,331)

1,319

(37,032)

(60,043)

(12,160)

(68,113)

-

(140,315)

105

-

(248,461)

162,030

3,051

250,750

167,474

513,478

(548,000)

(34,522)

(7,363)

9,481

2,118

2023

Audited

Rs 000

222,160

741

(46,500)

(5,535)

274

1,181

(280,943)

59,948

16,120

(32,554)

8,992

40,165

16,603

(16,120)

(42,952)

-

(42,468)

(124)

(575,000)

(563,536)

888,583

5,535

180,870

(63,673)

98,000

(17,229)

80,771

(25,370)

34,852

9,482

2024

Un-Audited

Rs 000

505,521

4

(3,050)

(212,957)

281

-

(187,231)

(23,956)

(581)

(119,310)

565

12,160

(28,553)

(2,438)

(144)

(31,134)

(12,160)

(68,113)

(372)

(111,779)

-

-

(202,956)

221,210

3,050

187,231

208,536

450,000

(548,000)

(98,000)

(1,244)

2,763

1,519

2023

Audited

Rs 000

140,914

4

(5,533)

(33,664)

274

(209,205)

11,046

1,181

59,971

467

8,128

(26,416)

490

(454)

(26,380)

(7,986)

(42,952)

(968)

(78,286)

-

(575,000)

(563,536)

957,875

5,070

170,836

(4,756)

98,000

(17,229)

80,771

(2,271)

5,034

2,763

8

COLOMBO CITY HOLDINGS PLC

NOTES TO THE FINANCIAL STATEMENTS

1. Basis of Preparation

The Interim Consolidated Financial Statements for the period ended 31 March 2024 have been prepared in accordance with LKAS 34 - Interim Financial Reporting. The Interim Consolidated Financial Statements do not include all the information and disclosures required in the Annual Financial Statements, and should be read in conjunction with the Group's Audited Financial Statements as at 31 March 2023.

Where appropriate, certain financial statement line items have been reclassified to conform to the current period presentation.

2. Opearating Results - Segment Information

Group engage only in the Real Estate. There are no Separate activities other than the Real Estate segment in the Group.

3. Related Party Transactions

The nature of Related Party Transactions during the period under review is similar to those reported in the Annual Report for the year 2023/24.

4	Share Information
4.1	Number of Shares
	No of Ordinary Shares represented in Stated Capital	25,457,140
	The ordinary shares of the company were subdivided on 18th April 2023 by splitting each issued ordinary share into twenty (20) ordinary
	shares. Accordingly, the total number of existing issued Ordinary Shares were increased from 1,272,857 to 25,457,140 without any change to
	the Stated Capital of the Company which remains as Rs. 11,137,505/-.
4.2 Market Price per Share
	The market value of an ordinary share of Colombo City Holdings PLC was as follows:
		31.03.2024	31.03.2023
	Last traded price recorded - Rs.	49.40	1,006.00
	Highest price recorded - Rs.	52.70	1,249.00
	Lowest price recorded - Rs.	46.00	760.00
4.3	Public Share Holdings	31.03.2024	31.03.2023
	Number of Shareholders	1,124	1,094
	No. of Shares	5,695,940	284,797
	Percentage	22.37%	22.37%
	Float Adjusted Market Capitalisation - Rs.	281,321,253	286,446,540

The Company is compliant with the Minimum Public Holding requirement under option 5 of rule 7.13.1 (a) of the Listing Rules of the Colombo Stock Exchange.

4.4 Twenty Major Shareholders as at 31 March 2024

		Number of	(%)
	Name of Shareholders	Shares
1	SEYLAN BANK PLC/ AMBEON HOLDINGS PLC (COLLATERAL)	16,903,180	66.40%
	AMBEON HOLDINGS PLC	2,858,020	11.23%
	TOTAL	19,761,200	77.63%
2	FINANCE LAND AND GENERAL (PRIVATE) LIMITED	523,240	2.06%
3	EST OF LATE J.E.DE COSTA	511,180	2.01%
4	LAUGFS GAS PLC	381,340	1.50%
5	MR. H. E. B. DE MEL	312,260	1.23%
6	MR. S. N. C. W. M. B. C. KANDEGEDARA	218,711	0.86%
7	THURSTON INVESTMENTS LTD.	185,240	0.73%
8	MBSL/K S DEVSHANKAR	182,180	0.72%
9	MRS. I. A. GOONETILLEKE	176,000	0.69%
10	MRS. M. M. MISSO	169,840	0.67%
11	MRS. E. DE SILVA	168,660	0.66%
12	MRS. S. C. FERNANDO	154,000	0.60%
13	MR. K. A. N. L. RATNASEKERA	111,500	0.44%
14	SEA CONSORTIUM LANKA (PRIVATE) LIMITED	92,000	0.36%
15	MR. M. H. NASSIM HUSSAIN	86,665	0.34%
16	MR. M. T. RAJAB KHAN	78,000	0.31%
17	MR. G. BAWA EST OF	65,360	0.26%
18	MISS G. W. M. JANSEN	61,600	0.24%
19	MR. C. N. PAKIANATHAN	58,100	0.23%
20	MRS. H. C. DIAS	52,800	0.21%
	OTHERS	2,107,264	8.28%
		25,457,140	100%

9