Overseas Realty first quarter Group profit up 46%

Wednesday, 7 May 2014 00:00 - - {{hitsCtrl.values.hits}}

A strong improvement in revenue supported by apartment sales helped bolster net profit for Overseas Realty Group. The consolidated revenue for the first quarter rose by 89% year-on-year to Rs. 1,710 m with rental income rising by 23% to Rs. 423 m, sale of apartments rising by 130% to Rs. 1.250 m and other services rising by 98% to Rs. 30 m. However, gross profit margin dropped as a result of the change in revenue mix. Tighter control of overhead costs helped boost Profit After Tax (PAT) to Rs. 793 m, which is an increase of 46%.

At Company level, revenue from rentals rose by 23% to Rs. 423 m due to higher occupancy and average rentals, with other services contributing Rs. 23 m, an increase of 34% resulting in a total revenue of Rs. 447 m. Maintaining direct expenses in check at Rs. 106 m allowed the gross margin to rise to 76%. The PAT at company level rose to Rs. 607 m, a rise of 26% for the quarter. The overhead costs were lower than the previous year’s quarter whilst finances were better managed to record a net finance income of Rs. 64 m. The Group net asset value per share increased marginally by 3% to Rs. 29.51 YoY. The Group cash position improved during the quarter to Rs. 3,269 m from Rs. 2,914 m. A total dividend of Rs. 1.45 per share was declared for the financial year ended 31 December 2013, to reward shareholders for their patience and confidence during the past several years.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.