Overseas Realty records Rs 1.14 b profit in 1Q

Overseas Realty (Ceylon) PLC recorded a Group Revenue of Rs. 1,402 million for the first quarter ended 31 March 2018, an increase of 142% over the corresponding period of last year. The Group Gross Profit increased by 96% to Rs. 849 million.

The Group Profit Before Tax grew by 37% to Rs. 1,155 million and Group Profit After Tax grew by 38% to Rs. 1,147 million, compared to the previous period.

Revenue of Rs. 557 m was recorded from Property Leasing at the World Trade Center (WTC) Colombo, an increase of 10% in comparison with the previous period. The company expects to maintain good occupancy levels during 2018. Revenue from Other Services was Rs. 98 m, an increase of 44% over the previous period.

Revenue of Rs. 747 m was recorded from apartment sales of Havelock City, compared to Rs. 6 million in the previous period. Havelock City Phase 3 comprising two towers, Stratford and Melford, with 304 luxury apartments, is currently under construction with almost 45% completed and is expected to be handed over by mid-2019. Over 60% of Phase 3 apartments have been pre-sold as at 31 March 2018. 

Phase 4 which is also under construction comprising two more towers, Peterson and Edmonton, with 340 luxury apartments, is expected to be completed by mid-2020. 

Anchoring the Havelock City Residencies is the Havelock City Commercial Complex which comprises an iconic 50-storeyed office tower and a shopping mall built to international standards, servicing the lifestyle needs of the catchment. 

The Group Net Asset Value per Share as at 31 March 2018 stood at Rs. 30.47 and the Earnings per Share for the period stood at Rs 0.92.