HQ COLOMBO (LEVEL 4), NO. 464A, T.B. JAYAH MAWATHA, |
COLOMBO 10. |
SERENDIB LAND PLC
QUARTERLY FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025
Registered Office
SERENDIB LAND PLC
Unaudited Year ended 31.03.2025 Rs. 27,046,644 (1,374,397) | Audited Year ended 31.03.2024 Rs. 27,046,644 (1,374,397) |
25,672,247 | 25,672,247 |
4,788,851 | 42,816,142 |
(5,386,716) | (5,269,291) |
25,074,382 | 63,219,098 |
(7,522,315) | (13,811,981) |
17,552,067 | 49,407,117 |
470,293 | 527,914 |
18,022,361 | 49,935,031 |
44.00 | 123.86 |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME THREE MONTHS ENDED 31 MARCH 2025
Unaudited 3 months Period | Audited 3 months Period | Variance % | Variance % | ||
ended | ended | ||||
31.03.2025 Rs. | 31.03.2024 Rs. | ||||
Revenue | 6,761,661 | 7,097,436 | (4.73) | - | |
Direct Operating Expenses | (343,599) | (343,599) | - | (0.00) | |
Gross profit/(Loss) | 6,418,062 | 6,753,837 | (4.97) | 0.00 | |
Other Income | 1,083,803 | 1,431,251 | (24.28) | (88.82) | |
Administrative expenses | (1,026,247) | (1,415,754) | (27.51) | 2.23 | |
Profit/(Loss) Before taxation | 6,475,617 | 6,769,334 | (4.34) | (60.34) | |
Income Tax Expenses | (1,942,685) | (2,030,800) | (4.34) | (45.54) | |
Net profit/(Loss) for the period | 4,532,932 | 4,738,534 | (4.34) | (64.47) | |
Other Comprehensive income (OCI) | |||||
Items that are or may be reclassified to profit or loss | |||||
- Net change in fair value of financial assets - available for sale | 926,653 | 272,826 | |||
Total comprehensive income net of tax | 5,459,585 | 5,011,360 | |||
Earnings per share (Rs.) | 11.36 | 11.88 | |||
The above figures are provisional & subject to audit | |||||
Figures in brackets indicate deductions. |
- 1 -
SERENDIB LAND PLC |
STATEMENT OF FINANCIAL POSITION |
AS AT 31ST MARCH 2025 |
Unaudited |
As at |
31.03.2025 |
Rs |
Audited |
As at |
31.03.2024 |
Rs |
ASSETS |
NON-CURRENT ASSETS |
Investment Property |
Right of use Assets |
740,500,000 | 740,500,000 | |
1,018,894 | 1,037,087 | |
741,518,894 | 741,537,087 |
CURRENT ASSETS |
Trade & Other Receivable |
Short Term Investment |
Income Tax Receivable |
Investment in Equity Securities |
Cash & Cash Equivalents |
17,069,762 | 23,416,981 |
57,262,272 | 52,976,030 |
3,630,836 | - |
7,405,206 | 6,934,913 |
6,811,391 | 3,741,417 |
92,179,468 | 87,069,341 |
833,698,362 | 828,606,428 |
CAPITAL & RESERVES |
Stated Capital |
Retained Earnings |
Financial Assets FVOCI Reserve |
Other Reserves |
Shareholders' fund |
100,000,800 | 100,000,800 | |
74,698,311 | 67,118,894 | |
3,343,085 | 2,872,792 | |
530,852,700 | 530,852,700 | |
708,894,897 | 700,845,186 |
NON-CURRENT LIABILITIES |
Deferred Tax Liability |
Lease liability |
109,339,491 | 109,339,490 | |
812 | 740 | |
109,340,303 | 109,340,230 |
CURRENT LIABILITIES |
Other Payables |
Lease liabilities |
Dividend Payable |
Income Tax Payable |
Bank over draft |
15,265,398 | 13,385,349 | |
128 | 100 | |
488 | 1,842,035 | |
- | 2,523,053 | |
197,147 | 670,475 | |
15,463,161 | 18,421,012 | |
833,698,362 | 828,606,428 |
The above figures are provisional & subject to audit.
These financial statements are in compliance with the requirements of the Companies Act No.07 of 2007.
A.R.Walpita |
Chief Financial Officer |
Approved and signed for and on behalf of the Board.
(Sgd.) M. J Ratnayake (Sgd.) J. M. Swaminathan Audit Committee Chairman Chairman
26 May 2025
Colombo
- 2 -
SERENDIB LAND PLC |
STATEMENT OF CHANGES IN EQUITY |
THREE MONTHS ENDED 31 MARCH 2025 |
Stated Capital | Other Reserve | Financial assets-FVOCI | Retained Earnings | Total | ||
reserve | ||||||
Rs. | Rs. | Rs. | Rs. | Rs. | ||
Balance as at April 1, 2023 (Audited) | 100,000,800 | 495,602,700 | 2,344,878 | 62,934,427 | 660,882,805 | |
Net Profit for the Period | - | - | - | 49,407,117 | 49,407,117 | |
Final Dividend | - | - | - | (9,972,650) | (9,972,650) | |
Other Comprehensive Income | - | - | 527,914 | - | 527,914 | |
- | - | |||||
Balance as at March 31, 2024 | 100,000,800 | 2,872,792 | 700,845,186 | |||
530,852,700 | 2,872,792 | 67,118,894 | 700,845,186 | |||
Net Profit for the Period | - | - | - | 17,552,067 | 17,552,067 | |
Final Dividend | - | - | - | (9,972,650) | (9,972,650) | |
Other Comprehensive Income | - | - | 470,293 | - | 470,293 | |
Balance as at March 31, 2025 (Un-audited) | 100,000,800 | 530,852,700 | 3,343,085 | 74,698,311 | 708,894,896 |
Transfer of fair Value gains on investment property | - |
35,250,000 |
- |
530,852,700 |
(35,250,000) |
- |
67,118,894 |
Balance as at April 1, 2024 (Audited) | 100,000,800 |
Figures in brackets indicate deductions.
SERENDIB LAND PLC CASH FLOW STATEMENT THREE MONTHS ENDED 31 MARCH 2025Cumulative Cash Flows
Unaudited | Unaudited | Unaudited | Audited | |
3 Months | 3 Months | Year | Year | |
ended | ended | ended | ended | |
Rs. | Rs. | Rs. | Rs. | |
CASH FLOW FROM OPERATING ACTIVITIES | 31.03.2025 | 31.03.2024 | 31.03.2025 | 31.03.2024 |
Profit/(Loss) before Taxation | 6,475,617 | 6,769,334 | 25,074,382 | 63,219,098 |
Adjustments for: | ||||
Dividend Income | - | - | - | |
Lease Interest | 25 | 25 | 100 | 100 |
Amortization of Right to use asset | 4,549 | 4,529 | 18,196 | 18,195 |
Interest Income | (1,083,803) | (1,431,251) | (4,788,851) | (7,547,942) |
Write back of other payable | (18,200) | |||
Change in fair value of investment property | - | - | - | (35,250,000) |
Operating Cash flows before working capital changes | 5,396,388 | 5,342,637 | 20,303,827 | 20,421,251 |
(Increase )/ Decrease in receivables | (3,347,458) | (2,751,840) | (773,808) | (2,970,192) |
Increase / (Decrease) in payables | 371,339 | 126,099 | 38,503 | 522,847 |
Cash generated from operating activities | 2,420,268 | 2,716,896 | 19,568,522 | 17,973,906 |
Income tax paid | (1,899,138) | (2,032,337) | (6,811,965) | (9,084,188) |
Net cash generated from operating activities | 521,130 | 684,559 | 12,756,557 | 8,889,718 |
CASH FLOW FROM INVESTING ACTIVITIES | ||||
Interest Received | 1,083,803 | 1,366,578 | 4,989,498 | 7,145,563 |
Dividend Income | - | - | ||
Withdrawal /(Investment )in Short Term Investment | (992,219) | (1,337,211) | (4,230,101) | (6,876,496) |
Net cash flow used in investing activities | 91,582 | 29,364 | 759,395 | 269,067 |
CASH FLOW FROM FINANCING ACTIVITIES | ||||
Dividend Paid | - | - | (9,972,650) | (9,972,650) |
Lease payment | - | - | - | |
Net cash flow used in finance activities | - | - | (9,972,650) | (9,972,650) |
Net Increase / (Decrease) in cash and cash equivalents | 612,713 | 713,924 | 3,543,302 | (813,838) |
Cash and cash equivalents at the beginning of the period | 6,001,530 | 2,357,019 | 3,070,942 | 3,884,780 |
6,614,242 | 3,070,942 | 6,614,244 | 3,070,942 | |
Figures in brackets indicate deductions. Cash and cash equivalents at the end of the period | ||||
Cash & Cash Equivalents | 6,811,391 | 3,741,417 | 6,811,391 | 3,741,417 |
Bank Overdraft | (197,147) | (670,475) | (197,147) | (670,475) |
6,614,242 | 3,070,942 | 6,614,244 | 3,070,942 |
Corporate information
Serendib Land PLC is a limited liability company listed in the Colombo Stock Exchange and domiciled in Sri Lanka. The Registered Office of the Company is located at HQ Colombo (Level 4), No. 464A, T.B. Jayah Mawatha, Colombo 10.
Basis of Preparation
The interim financial statements have been prepared in accordance with Sri Lanka Accounting Standard-LKAS 34 Interim Financial Reporting. These interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31st March 2024. The financial statements provide information as required in terms of Rule 7.4 of the Colombo Stock Exchange.
The financial statements are provisional and subject to audit.
The interim financial statements have been prepared on a historical cost basis except for financial instruments.
The interim financial statements are presented in Sri Lankan rupees and all values are rounded to the nearest thousand except when otherwise indicated.
03. Significant Accounting Policies
The accounting policies adopted for the current interim period are consistent with those of the previous financial year (2023/2024) except as described below.
4. Financial Instruments
Sri Lanka Accounting Standard - SLFRS 9 on "Financial Instruments
The Sri Lanka Accounting Standard - SLFRS 9 on "Financial Instruments", which replaces the existing guidance on LKAS 39 on "Financial Instruments: Recognition and Measurement" has become effective for annual reporting periods beginning on or after January 01, 2018.
SLFRS 9 replaces the "Incurred Loss Model" in LKAS 39 with forward looking "Expected Loss Model ("ECL") which requires considerable judgement over how changes in economic factors affect ECL, which in turn is to be determined on a probability weighted basis. SLFRS 9 also contains a new classification and measurement approach for financial assets that reflects the business model in which assets are
managed based on their cash flow characteristics.
Based on the "Statement of Alternative Treatment (SoAT) on the Figures in the Interim Financial Statements" issued by The Institute of Chartered Accountants of Sri Lanka entities are granted with the option to prepare Interim Financial Statements continuing the application of LKAS 39 with disclosures on impact to the Income Statement and Statement of Profit or Loss and Other Comprehensive Income for the
period if SLFRS 9 has been applied.
05. Fair value measurement and related fair value disclosures
As at reporting date there were no significant differences in the comparison made between fair value and carrying value of financial assets and liabilities.The fair value changes in financial instruments were properly recorded in the Statement of Profit or Loss and Other Comprehensive Income as at reporting date.
06. Contingent liabilities
There were no material contingent liabilities as at 31st March 2025.
SHAREHOLDERS' INFORMATION07. Subsequent event
No events have been occurred since the date of the statement of financial position which would require adjustments to or disclosure in the
financial statements.
Un-audited
31.03.2025
Audited
31.03.2024
Earnings per Ordinary Share (Rs.)
11.36
123.86
Net Assets per Share (Rs.)
1777.10
1756.92
Current Ratio (Times)
5.96
5.43
SERENDIB LAND PLC
ADDITIONAL INFORMATION FOR THE QUARTERLY STATEMENTS
THREE MONTHS ENDED 31 MARCH 2025
-
Share Information
Information pertaining to the shares traded during the Quarter ended 31 March 2025
extracted from the website of the Colombo Stock Exchange, is set out below:
Period
2025-1
Date High
2-Jan-25
High Rs.
1,599.00
Date Low
26-Mar-25
Low Rs.
1,300.00
Close Rs.
1,476.50
Trade Vol.
77
Share Vol.
351
Turn Over Rs.
498,905.50
Last traded Date
3-26-205
Days Traded
11
2024-1
12-Jan-24
1,349.75
26-Feb-24
1,180.00
1,300.00
33
227
287,266.00
28-Mar-24
17
Directors' Shareholding
As at
31.03.2025
Dr. (Ms.) Y. Ponnambalam
-
Mr. Gajendrakumar G. Ponnambalam
-
Dr. (Ms.) M.Ponnambalam
-
Mr. Ramesh Schaffter - (Nominee Director)
-
Dr. J. M. Swaminathan
-
Mr. T Someswaran
-
As at
31.03.2024
-
-
-
-
-
-
Total Number of Shareholders
364
375
398,906Total number of shares of the company
398,906
Number of Public Shareholders As at 31 March 2025
357
367
The Public Holding Percentage
As at 31 March, 2025, the public holding of the Company was 17.92% .
The float adjusted market capitalization as at 31 March 2025 was Rs. 105,546,060/=
As at 31 March, 2025, the public holding of the Company was 17.92% . The float adjusted market capitalization as at 31 March 2025 was Rs. 105,546,060/- with 357 public shareholders, making the Company compliant with Minimum Public Holding Requirement prescribed under the Continuous Listing Requirements set out under Option 2 of Rule 7.13.1(b) of the Listing Rules of the CSE, which requires an entity listed on the Diri Savi Board with a Float Adjusted Market Capitalisation of less than Rs. 1 Billion, to maintain a minimum public Holding of 10% with a minimum of 200 public shareholders.
THREE MONTHS ENDED 31 MARCH 2025SERENDIB LAND PLC
ADDITIONAL INFORMATION FOR THE QUARTERLY STATEMENTS
- 20 Largest Shareholders
-
Share Information
20 Major Shareholders | 31.03.2025 | |||
Shares | % | |||
1 | FINCO HOLDING (PVT) LTD | 105,425 | 26.43 | |
2 | GEE GEES PROPERTIES (PVT) LTD | 85,027 | 21.32 | |
3 | GITANJALI GAJALUCKSHMI (PVT) LTD | 84,985 | 21.30 | |
4 | JANASHAKTHI INSURANCE PLC-SHAREHOLDERS | 51,252 | 12.85 | |
5 | AIA INSURANCE LANKA LIMITED A/C NO. 03 (AIA INSURA | 28,492 | 7.14 | |
6 | D.G. WIJEMANNA | 5,029 | 1.26 | |
7 | O. D LIYANAGE | 4,500 | 1.13 | |
8 | M.F CADER | 3,545 | 0.89 | |
9 | A. SAVERIMUTTU | 2,520 | 0.63 | |
10 | MS. S.Z OSSMAN | 2,437 | 0.61 | |
11 | OSSMAN ASSOCIATES (PVT) LTD | 1,971 | 0.49 | |
12 | MRS. N. GUNATILLEKE | 1,661 | 0.42 | |
13 | G.C.W. DE SILVA(DECEASED) | 1,342 | 0.34 | |
14 | K.T. WICKREMARATNE | 831 | 0.21 | |
16 | COLOMBO INVESTMENT TRUST PLC | 711 | 0.18 | |
17 | G.C. GOONETILLEKE | 626 | 0.16 | |
18 | DR. M.S.P. WIJENAYAKE | 614 | 0.15 | |
19 | D.N.P. RATHNAYAKE | 607 | 0.15 | |
20 | C.L. IDDAMALGODA | 600 | 0.15 | |