Overseas Realty 1H after tax profit up 5% to Rs. 2.28 b

Tuesday, 6 August 2019 01:27 - - {{hitsCtrl.values.hits}}

Overseas Realty (Ceylon) PLC recorded a Group revenue of Rs. 3,726 m for six months ended 30 June, an increase of 43% over the corresponding period of last year. The Group profit after tax increased by 5% to Rs. 2,279 m.

The Company revenue of Rs. 1,192 m was 8% 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. 2.3 b was recorded from apartment sales of Havelock City, compared to Rs. 1.3 b in previous period due mainly to recognition of Phase 4 revenue during the period.

Construction of Phase 3 consisting of 304 units was almost completed by end of the quarter and is expected to be handed over in October 2019. On the other hand, Phase 4 consisting of 340 units was 50% completed by end of the quarter, is expected to finish by October 2020.

The Havelock City Commercial Development, which comprises a 50-storey 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 30 June 2019 stood at Rs. 32.79 and the earnings per share for the period was Rs. 1.82.