Overseas Realty records Rs. 4.7 b Profit Before Tax in 1H

Friday, 25 July 2025 05:24 - - {{hitsCtrl.values.hits}}

Group CEO/Director Pravir Samarasinghe

Overseas Realty (Ceylon) PLC said yesterday it has recorded a Group Revenue of Rs. 5,258 million and a Group Profit Before Tax of Rs. 4,676 million for the 6 months ending 30 June. The depreciation of the Rupee resulted in a net exchange loss of Rs. 274 million compared to a gain of Rs. 1,076 million recorded in the corresponding period of last year on foreign currency loans.

The Fair Value gain recorded from Investment Properties was Rs. 2,331 million compared to the Fair Value gain of Rs. 1,160 million in the same period of last year.

The company Revenue of Rs. 1402 million at the World Trade Centre, Colombo, was 5% higher than the corresponding period of last year, due mainly to higher occupancy and rental rates.

Revenue of Rs. 1,303 million was recorded from Residential Sales of Havelock City which was higher than the corresponding period in 2024. A limited number of move-in ready luxury apartments are still available for purchase in the fourth and final phase of Havelock City Residential.

Mireka Tower at Havelock City reported a Revenue of Rs. 1,106 million, a significant increase from Rs. 517 million in the same period last year, primarily driven by higher occupancy rates. Similarly, Havelock City Mall generated Rs 980 million in Revenue, up from Rs. 663 million in the comparable period last year, mainly attributed to increased occupancy.

The company officially launched its newest luxury real estate venture, Mireka Seascape, in Dodanduwa, redefining coastal living. The development comprises a collection of 168 luxury apartments and villas. Positioned as a premium lifestyle beachfront offering, the project is designed to cater to both residential and leisure markets. This high-yielding investment opportunity has generated substantial market response since launch.

The Group Net Asset Value per Share as at 30 June, stood at Rs. 49.57 and the Earnings per Share for the period was Rs. 3.60

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