Overseas Realty 9-month pre-tax profit tops Rs. 3 b mark

Overseas Realty (Ceylon) PLC said yesterday it recorded a Group Revenue of Rs 3,035 million and a Group Profit Before Tax of Rs 3,019 million for the nine months ended 30 September 2023. The appreciation of the LKR by 12% resulted in a significant exchange gain of Rs 2,422 million on foreign currency loans.

The Company revenue of Rs 1,719 million at the World Trade Centre, Colombo, was 11% higher than the corresponding period last year, due mainly to higher rental rates.   Revenue of Rs 457million was recorded from Residential Sales of Havelock City which was significantly lower than the corresponding period in 2022. 

Apartment sales slowed down due to higher construction costs and new taxes that increased sales prices. A limited number of move-in-ready apartments are available for immediate purchase in the fourth and final phase of Havelock City Residential which was completed.

Mireka Tower at Havelock City, which commenced operations in January 2023 recorded a revenue of Rs 439 million. 

The grand opening of the Havelock City Mall was ceremoniously conducted on 19 October 2023. Spanning over 200,000 square feet, Havelock City Mall is a retail paradise, housing six premier anchor tenants that include ODEL, Cargills Food Hall, Scope Cinema, Food Studio, Cool Planet, and Abans. Moreover, there are 132 other retail outlets, offering an unparalleled selection of fashion and accessories, entertainment options, tantalising food and beverages, convenient services, electronics, home ware, gifts and novelties.

Group CEO/Director Pravir Samarasinghe said: “We are delighted to welcome everyone to the Havelock City Mall.  Our mall has unique features that make us special, with its superior development concept, perfect size, central location, and a meticulously curated collection of international and local brands. We look forward to providing a diverse and exciting retail environment, entertainment options and dining experiences for all our shoppers. Havelock City Mall is poised to become the ultimate modern lifestyle suburban mall, catering to the entire family – a happy place for all.»

The Group Net Asset Value per Share as of 30 September 2023 stood at Rs 42.66 and the earnings per share for the nine month period was Rs 2.24.