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Overseas Realty (Ceylon) Plc has recorded Group Revenue of Rs. 6,280 million for the nine months ended 30 September 2019, an increase of 47% over the corresponding period of last year.
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Chairman S.P. Tao |
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Group CEO and Director
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The Group’s profit after-tax increased by 7% to Rs. 3,569 million.
Company revenue of Rs. 1,798 million 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 ongoing refurbishment and upgrade to the common facilities of WTC Colombo is currently on schedule, 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. 4.1 billion was recorded from the Apartment Sales of Havelock City, compared to Rs. 2.3 billion during the previous period due mainly to recognition of Phase 4 Revenue during the period.
Havelock City Residential Apartments is at Phase 3 and, consisting of 304 units, is now ready for handover, having obtained the Certificate of Conformity (COC) from the Urban Development Authority (UDA). A handful of fitted-out units are available for sale from Phase 3 at attractive prices excluding VAT. Construction of Phase 4, comprising two more luxury apartment towers, has been completed up to the roof slab and is expected to be ready by October 2020. Phase 4 offers the final chance for buyers to own an apartment at Havelock City.
The Havelock City Commercial Development anchoring the Havelock City Residential Apartments comprises a 50-storey Grade A office tower named Mireka Tower and a world-class shopping mall offering a variety of Food and Beverage, Entertainment and Retail options.
Offering distinctive workspaces, Mireka Tower recently commenced pre-leasing. The commercial development is currently under construction and is expected to be completed by April 2021.
The Group Net Asset Value per Share as at 30 September 2019 stood at Rs. 33.82 and the Earnings per Share for the period was Rs. 2.87.
