Prime Lands Residencies PLC (CSE: PLR.N), a prominent player in Sri Lanka’s real estate sector, has launched FY2027 with robust financial results, showcasing substantial year-on-year growth in key profitability metrics for the quarter ending June 30, 2026.
The company reported a revenue of Rs. 4.59 billion for the quarter, marking a remarkable 98% increase from Rs. 2.32 billion in the same quarter of the previous year. Gross profit surged by 76% to Rs. 1.21 billion, while operating profit experienced a noteworthy rise of 92%, reaching Rs. 857.1 million, underscoring the ongoing strength of the company’s core business activities.
Profit before tax saw a 61% increase year-on-year, amounting to Rs. 879.0 million, while profit after tax rose by 65% to Rs. 661.6 million, compared to Rs. 400.5 million in the first quarter of FY2026. Earnings per share also improved significantly, climbing 65% to Rs. 0.71 from Rs. 0.43 in the previous year’s comparable quarter.
Submit Your Press Release
Get your company news, announcements, launches, appointments and events in front of a wider audience.
Commenting on the company’s positive start to FY2027, Group Chairman Premalal Brahmanage emphasized that these results reflect the resilience of Prime Lands Residencies PLC’s business strategy and the strength of its expanding residential development portfolio. He reiterated the company’s commitment to disciplined execution, delivering high-quality projects, and generating sustainable long-term value for both customers and shareholders.
The quarter’s success was bolstered by substantial revenue growth, with the company reinforcing its established position in Sri Lanka’s residential real estate market. The notable increase in operating profit highlights the firm’s capability to convert revenue growth into enhanced profitability.
In summary, the company’s financial performance indicators showed:
- Revenue Growth: Revenue surged by 98% year-on-year to Rs. 4.59 billion, compared to Rs. 2.32 billion in the same quarter of FY2026.
- Gross Profit Growth: Gross profit increased by 76% to Rs. 1.21 billion, compared to Rs. 688.2 million in the previous corresponding quarter.
- Operating Profit Growth: Operating profit rose by 92% to Rs. 857.1 million, compared to Rs. 446.9 million in Q1 FY2026.
- Profit After Tax Growth: Profit after tax rose by 65% to Rs. 661.6 million, compared to Rs. 400.5 million in the same period last year.
- Earnings Per Share Enhancement: EPS improved by 65% year-on-year to Rs. 0.71, reflecting the company’s enhanced profitability and ongoing value creation for shareholders.
Additionally, the company exhibited improved cash flow from operations during the quarter, generating a net cash inflow of Rs. 1.51 billion compared to a net cash outflow of Rs. 5.79 billion in the prior financial year. As of June 30, 2026, cash and cash equivalents totaled Rs. 2.69 billion.
Prime Lands Residencies PLC also reaffirmed its dedication to returning value to shareholders, having distributed Rs. 750 million in dividends during the quarter, as indicated in the financial statements.
As of June 30, 2026, the company enjoyed a robust public shareholder base comprising 12,252 shareholders, with public ownership at 24.71%. The market capitalization of the company stood at Rs. 41.63 billion at the end of the quarter.
Executive Chairperson Sandamini Perera remarked, “Our Q1 FY2027 results reflect the trust that our customers, shareholders, and stakeholders place in Prime Lands Residencies. Looking ahead, we are committed to disciplined growth, excellence in execution, and creating lasting value through superior residential developments.”
Entering the remaining months of FY2027, Prime Lands Residencies PLC is positioned for continued financial success, buoyed by its established market presence, expanding development initiatives, and sustained demand for quality residential properties. The company is focused on reinforcing its leadership in the market while delivering sustainable value to all stakeholders.
The interim financial statements for the three months ending June 30, 2026, were approved by the Board of Directors on August 7, 2026.
Image Caption: Group Chairman Premalal Brahmanage, Prime Lands Residencies PLC; Executive Chairperson Sandamini Perera, Prime Lands Residencies PLC
Financial Chronicle Biz English | Sri Lanka Business News.
