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Sri Lanka’s Kelsey Developments losses expand 53-pct

ECONOMYNEXT – Losses at Sri Lanka Kelsey Developments, a property developer, expanded 53 percent to 70.9 million rupees in the December 2017 quarter on sliding housing sales and mounting debts, interim accounts showed.

The company reported a loss of 4.07 rupees a share in the quarter. In the nine months to December 2017 losses amounted to 6.87 rupees a share on total losses of 119.7 million rupees, increasing 324 percent from a year earlier.

Revenue fell 99 percent to 1 million rupees, cost of sales fell at the same rate to 0.3 million rupees, contracting gross losses by 97 percent to 0.7 million rupees.

Administration costs fell 34 percent to 27.5 million rupees. Selling and distribution expenses fell 94 percent to 1.4 million rupees.

Net finance costs amounted to 44 million rupees, compared to a 0.2 million income a year earlier.
Long term loans increased 20.7 percent to 473 million rupees as at end December 2017. Short term debt grew 175 percent to 392.4 million rupees.

In September 2017, the company acquired Pre-Fab Engineering Projects for 90 million rupees.

The company has four subsidiaries in construction, real estate, gated housing and condominiums. Kelsey Developments has built over a thousand residential units since incorporation in 1984, the company says.
(COLOMBO, February 14, 2018)


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