RIL Property June quarter profit up 37% to Rs.78mn

RIL Property PLC, a developer and manager of ‘Grade A’ commercial office space releasing its first set of quarterly results since the company went public in early April this year showed positive financial performance in both its top and bottom lines, but the share is currently trading slightly below its Initial Public Offer (IPO) price.

RIL Property group, which also runs the Breadtalk franchised outlets in Sri Lanka, reported an earnings of 13 cents a share or Rs.78.3 million for the Apri-june quarter (1Q18), up 37 percent year-on-year (YOY).

The group top line for the period was Rs.247.7 million compared to Rs.217.1 million YOY. The RIL Property’s share closed 10 cents or 1.25 percent lower at Rs.7.90 at last week’s market close.

On April 4, RIL Property debuted in the Colombo Stock Exchange, issuing 120 million shares at a price of Rs.8.00 a share raising a total of Rs.960 million. The share hit a high of Rs.9.00 on the first day of trading. Unutilized IPO proceeds, amounting to Rs.866 million, are temporarily invested in short-term financial assets with NDB Wealth Management Limited until such proceeds are fully utilized for intended purposes.

An estimated Rs.694.1 million will be spent to refurbish the company’s Readywear building bordering Braybrook Place through June 2019, which will expand its rentable space to 59, 232 sq.ft from 45, 897 sq.ft upon completion.