Overseas Realty 1Q profit down 8% to Rs. 723 m

Overseas Realty (Ceylon) PLC has recorded a Group Profit after tax of Rs. 723 m, for the first quarter ended 31 March 2016, down by 8% over the corresponding period of last year.

Rs. 476 m revenue was recorded from Property Leasing at the World Trade Center (WTC) and the company expects to maintain good occupancy levels during 2016. Revenue from Other Services was Rs. 63 m. However, as apartment sales revenue from Havelock City was not recognised during the period, the Group revenue decreased resulting in a marginal decline in profits over the corresponding period of 2015.

Piling work of Havelock City Phase 3 was completed in early 2016 and piling work of Phase 4 is on schedule and expected to be completed during 2016. Phase 3 Sales were launched in March and as at the quarter end around 16% of units had been pre-sold.

Design works are underway for the Commercial Complex of Havelock City which comprise an office tower which will be an iconic landmark in the vicinity and a dominant feature of the development and a large shopping mall developed to international standards with a fusion of retail, F&B and entertainment. 

The Group net asset value per share as at 31 March stood at Rs. 33.05 and the earnings per share for the period stood at Rs. 0.82.