Overseas Realty records Rs. 881 m 1Q profit

Overseas Realty (Ceylon) PLC recorded a Group Profit after tax of Rs. 881 million for the 1st quarter ended 31March 2017, an increase of 21% over the corresponding period last year.

Revenue of Rs. 504 m was recorded from Property Leasing at the World Trade Center (WTC) Colombo, which is an increase of 6% over the corresponding period last yearand the company expects to maintain good occupancy levels during 2017. 

Revenue from Other Services was Rs. 68 m, which is an increase of 8% over the previous period.However, revenue from Apartment Sales is not recognised during this period since the construction of Havelock City Phase 3 has not reached the required completion level.

While construction of Havelock City Phase 3 is currently underway, pilling works for Phase 4 is scheduled to be completed by June 2017. As at the end of the 1st quarter, around 35% ofPhase 3 units have been pre-sold. Piling work of the Havelock City Commercial Development is expected to commence in May 2017.

At the recent AGM held on 24April, the shareholders approved the payment of a first and final dividend of Rs 1.25 per ordinary share. This dividend is paid on the enhanced shares consequent on the Rights Issue and the outflow would be Rs. 1,554 m compared to Rs. 1,265 m paid last year.

The Group Earnings per Share for the period stood at Rs. 0.72.