Overseas Realty records Rs 2.3 b pre-tax profit in 1Q

Chairman Ajit Jayaratne

Group CEO/Director  Pravir Samarasinghe

Overseas Realty (Ceylon) PLC has recorded a Group Revenue of Rs. 880 million  and a Group Profit Before Tax of Rs. 2.3 billion for the 1st quarter ending 31 March 2023. 

The appreciation of LKR by 9% resulted in a significant exchange gain of Rs. 2 billion  on foreign currency loans. 

The Company Revenue of Rs 600 million at the World Trade Centre, Colombo, was 14% higher than the corresponding period of last year, due mainly to higher rental rates.  No Revenue was recorded in the first quarter from Residential Sales of Havelock City due mainly to higher prices, interest rates and depressed demand.

The Company also said that after 5 years since the ground-breaking the Mireka Tower at Havelock City commenced operations in 2023 recording a Revenue of Rs. 163 million 

.The Havelock City Shopping Mall comprising a leasable area of 200,000 sqft built to international standards with a range of fashion, food and beverage and entertainment experiences is scheduled to open in August 2023.

The fourth and final phase of Havelock City Residential which was completed in 2021 has a limited number of ready to move-in of completed apartments available for purchase.

The Group Net Asset Value per Share as at 31 March 2023 stood at Rs. 43.47 and the Earnings per Share for the period was Rs. 1.81.