Home / Business/ Overseas Realty records Rs. 1.4 b profit for 1Q

Overseas Realty records Rs. 1.4 b profit for 1Q

Comments / {{hitsCtrl.values.hits}} Views / Monday, 13 May 2019 00:00


Overseas Realty (Ceylon) PLC recorded a Group Revenue of Rs. 2,341 million for the 1st Quarter ended 31 March, an increase of 67% over the corresponding period of last year. The Group Profit After Tax increased by 17% to Rs. 1,390 million. 

Chairman S.P. Tao
Director/Group CEO Pravir Samarasinghe

The Company Revenue of Rs. 592 million was 7% higher than the corresponding period of last year due mainly to higher rental rates and healthy occupancy levels maintained during the period.

The Company is carrying out a comprehensive refurbishing and upgrading program to the common facilities of the building, with the intention of continuing to provide a superior service to owners, occupants and visitors. It is a strong testament to the Company’s dedication and commitment to excellence, in providing quality office space.

Revenue of Rs. 1.6 billion was recorded from Apartment Sales of Havelock City, compared to Rs. 747 million in previous period due mainly to recognition of Phase 4 revenue during the period. Phase 3 consisting of 304 units with 87% construction completion by end of the Quarter, is expected to finish by September 2019. On the other hand Phase 4, consisting of 340 units, was 40% completed by end of the Quarter, is expected to finish by October 2020.

The Havelock City Commercial Development which would comprise a 50 storeyed Office Tower and a Shopping Mall built to International Standards, will be an iconic landmark in the vicinity. The project is currently under construction and expected to be completed by April 2021. Pre-leasing of retail space has already begun. The Group Net Asset Value per Share as at 31 March 2019 stood at Rs. 33.32 and the Earnings per Share for the period was Rs. 1.12.

Share This Article

Facebook Twitter


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

“Sri Lanka’s future lies in producing exportable manufactured goods”: Dr. Howard Nicholas

Monday, 22 July 2019

Drawing lessons from Vietnam’s experiences The Sri Lanka-born economist attached to The Hague based Institute of Social Studies – Dr. Howard Nicholas – addressing a packed audience consisting of the alumni of the Postgraduate Institute of Manag

We should sell our water

Monday, 22 July 2019

When you read the title of this article, you will probably feel disgusted with me as selling our water has been a controversial topic since a long time ago. By the way, I am talking about virtual water trade and you would be surprised to know that we

A voice of compassion amid howls of zealotry

Monday, 22 July 2019

The unrestrained freedom extended by the current regime to a bunch of saffron-clad street vendors of Sinhala Buddhist zealotry is pushing Sri Lanka once again into a cauldron of ethnic and religious convulsion. The nationwide spread and virulence of

Roger Beteille: The man who reinvented the commercial airliner

Monday, 22 July 2019

The visionary engineer, pilot and manager who led Airbus to some its most significant decisions, passed away last month. Beteille, who was the head of French aircraft manufacturer Sud Aviation’s flight testing section, was made technical director

Columnists More