Overseas Realty kicks off FY24 with Rs. 1.83 b pre-tax profit

Friday, 26 April 2024 00:48 - - {{hitsCtrl.values.hits}}

Chairman Ajit Jayaratne

Group CEO/Director Pravir Samarasinghe

Overseas Realty (Ceylon) PLC said yesterday it has recorded a Group Revenue of Rs. 1,681 million and a Group Profit Before Tax of Rs. 1,825 million for the 1st quarter ending 31 March 2024. The appreciation of the LKR resulted in a net exchange gain of Rs. 1,313 million on foreign currency loans.

The Company Revenue of Rs. 652 million at the World Trade Center, Colombo, was 9% higher than the corresponding quarter of last year, due mainly to higher occupancy and rental rates. Revenue of Rs. 338 million was recorded from Residential Sales of Havelock City which was higher than the corresponding period in 2023.

Although apartment sales were low due to depressed economic conditions and higher prices, the gradual reduction in interest rates is generating higher sales inquiries. A limited number of move-in ready luxury apartments are available for purchase in the fourth and final phase of Havelock City Residential.

Mireka Tower at Havelock City, which commenced operations in 2023 recorded a Revenue of Rs. 247 million. Havelock City Mall, which commenced operations in October 2023 recorded a Revenue of Rs. 313 million.

The Group Net Asset Value per Share as of 31 March 2024 stood at

Rs.44.95 and the Ear-nings per Share for the period was Rs. 1.42.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.