Ceylon Glass Company, a unit of India's Gujarat Glass, has revealed it plans to sell a prime property valued at 700 million rupees near Colombo from where it has just shifted its production plant.

"The company plans to sell the 21 acre land located in the heart of Colombo in Ratmalana," a company statement said.

"The land is strategically located, surrounded by roads on three sides and its proximity to the Galle Road (the main road into Colombo) gives an advantage to any potential developer or industrialist."

The carrying value of investment property in the accounts is given as 703 million rupees.

Ceylon Glass net profit for the year ended 31st March 2008 fell to 35 million rupees from a re-stated profit of 104 million last year but exports have soared.

The profit came after capitalising 176.8 million rupees of interest relating to the relocation of the production plant to Horana, south of Colombo, from the Ratmalana site, according to the firm's annual report.

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