Overseas Realty profits grow 33% in Q1 2013

Consolidated profits of Overseas Realty (Ceylon) PLC recorded a strong performance in the 1st quarter of 2013, with group profit of Rs. 504 million growing 33% over the previous year’s corresponding quarter.

Growth in profits was driven by strong performance from leasing of office space at the World Trade Center (WTC) Colombo where revenues of Rs. 344 million grew 19% over the previous year’s corresponding quarter, with occupancy at the WTC Colombo being maintained above 95%.

Additionally, growth in profits was also driven by the recognising of revenue and profitability of the apartments sold in phase two, in the quarter, where revenue from apartment sales of Rs. 547 million grew 227% over the previous year’s corresponding quarter. The group expects to maintain high occupancy levels throughout the year at the WTC Colombo and continue its robust sales of apartments at Havelock City Residential.