CT Land to build three more new cinemas at MC
By Jithendra Antonio
The CT Land Development PLC (CTLD), the owning company of Sri Lanka’s premier shopping mall-cum-entertainment complex is hoping to accommodate three more new Cinemas, the recent financials of the company outlined.
“The Company has commenced refurbishing and modifying the vacant 5th floor of the Majestic City Complex, to accommodate three more new cinemas,” Chairman of CT Land R. Selvaskandan highlights in his review adding that this project would cost approximately Rs.75 million.
“The new cinemas would attract more customers to the Complex, especially at off peak times with the increased footfall benefiting other tenants as well.” According to Selvaskandan, the cinema space would be rented out to a cinema operator, resulting in increased rentals in excess of Rs. 12 million per annum.
It is expected that the project would take about 6 to 9 months to complete and the new cinemas would be ready for operation in the latter part of the financial year 2011/12.
Selvaskandan in his review for the financial year ended 31 March 2011 points out that the net debt position of the Company has been reduced from Rs. 138.2 million at the end of the previous financial year to Rs. 89.7 million at the end of the current year. “This was a result of improved cash flow, resulting from increased revenue streams and additional security deposits on renewal of tenancy agreements.
He stresses that the company is gearing to utilize the opportunities afforded by the new business climate in the country, especially the demand for shopping and entertainment.
The Company management is confident that business volumes of its tenants would continue to improve in the future, along with the country’s economic growth.
source - www.dailymirror.lk
The CT Land Development PLC (CTLD), the owning company of Sri Lanka’s premier shopping mall-cum-entertainment complex is hoping to accommodate three more new Cinemas, the recent financials of the company outlined.
“The Company has commenced refurbishing and modifying the vacant 5th floor of the Majestic City Complex, to accommodate three more new cinemas,” Chairman of CT Land R. Selvaskandan highlights in his review adding that this project would cost approximately Rs.75 million.
“The new cinemas would attract more customers to the Complex, especially at off peak times with the increased footfall benefiting other tenants as well.” According to Selvaskandan, the cinema space would be rented out to a cinema operator, resulting in increased rentals in excess of Rs. 12 million per annum.
It is expected that the project would take about 6 to 9 months to complete and the new cinemas would be ready for operation in the latter part of the financial year 2011/12.
Selvaskandan in his review for the financial year ended 31 March 2011 points out that the net debt position of the Company has been reduced from Rs. 138.2 million at the end of the previous financial year to Rs. 89.7 million at the end of the current year. “This was a result of improved cash flow, resulting from increased revenue streams and additional security deposits on renewal of tenancy agreements.
He stresses that the company is gearing to utilize the opportunities afforded by the new business climate in the country, especially the demand for shopping and entertainment.
The Company management is confident that business volumes of its tenants would continue to improve in the future, along with the country’s economic growth.
source - www.dailymirror.lk
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