Overseas Realty ups 1H post-tax profit by 14% to Rs. 1.7 b

Monday, 31 July 2017 00:15 - - {{hitsCtrl.values.hits}}

Overseas Realty (Ceylon) PLC has recorded a Group Profit after tax of Rs. 1,693 million for six months ended 30 June, an increase of 14% over the corresponding period last year.

SP Tao

Revenue of Rs. 1,028 million was recorded from Property Leasing at the World Trade Center (WTC) Colombo, an increase of 8% over the corresponding period of last year and the company said it expects to maintain good occupancy levels during 2017.

Revenue from other services was Rs. 136 million, an increase of 25% over the previous period. However, revenue from apartment sales has not been recognised yet, 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 of Phase 4 was completed in June 2017.

The construction of Phase 4 is scheduled to commence in August 2017. As at end June 17 around 38% of Phase 3 units have been pre-sold. Piling works of the Havelock City Commercial Development commenced in June 2017 and is expected to be completed in March 2018.

Pravir Samarasinghe

The Group Net Asset Value per Share as at 30 June stood at Rs. 28.64 and the Earnings per Share for the period stood at Rs. 1.38.