Overseas Realty records Rs. 2.6 b 3Q profit

Monday, 30 October 2017 00:00 - - {{hitsCtrl.values.hits}}

Overseas Realty (Ceylon) PLC recorded a group profit after tax of Rs. 2,572 million for nine months ended 30 September, an increase of 15% over the corresponding period last year.Revenue of Rs. 1,549 million was recorded from Property Leasing at the World Trade Center (WTC) Colombo, an increase of 11% over the corresponding period of last year and the company expects to maintain good occupancy levels during 2017. Revenue from other services was Rs. 188 million, an increase of 26% over the previous period.

Revenue from Apartment Sales of Havelock City Phase 3 was recognised during the quarter since construction of Phase 3 reached the required completion level of 25%, thereby recording revenue of Rs. 507 million, an increase of 79% over the previous period.

As at end September ‘17 almost 50% of Phase 3 Apartment Units had been pre-sold. Piling works of the Havelock City Commercial Development is currently underway and is scheduled to be completed in March 2018.

The Group Net Asset Value per Share as at 30 September 2017 stood at Rs. 29.44 and the Earnings per Share for the period stood at Rs. 2.10.