Overseas Realty records Rs. 3.2 billion profit end of 3rd quarter 2018

Monday, 29 October 2018 01:34 - - {{hitsCtrl.values.hits}}

Overseas Realty (Ceylon) PLC recorded a group revenue of Rs. 4,267 million for nine months ended 30 September 2018, an increase of 88% over the corresponding period of 2017. The Group Profit After Tax grew by 31% to Rs. 3,208 million, compared to the previous period.

Revenue of Rs. 1,683 million was recorded from Property Leasing at the World Trade Center (WTC) Colombo, an increase of 9% compared to 2017. The Company is in the process of refurbishing and upgrading its common facilities with the intention of providing a better service to the tenants and visitors of the building.

Revenue of Rs. 2,317 million was recorded from apartment sales of Havelock City, compared to Rs. 507 million in 2017.

Havelock City Phase 3 comprising two towers, Stratford and Melford with 304 luxury apartments is currently under construction with 70% completed and is expected to be completed by July 2019. Over 60% of Phase 3 apartments have been pre-sold as at September 2018. The fourth and the final phase of Havelock City Residential; Phase 4 with two new luxury apartment towers was recently launched to the market and 16% of its units have been pre-sold as at September. Phase 4 is currently under construction and 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. Havelock City Commercial Complex is currently under construction and expected to be completed by April 2021.

The Group Net Asset Value per Share as at 30 September 2018 stood at Rs. 30.88 and the Earnings per Share for the nine-month period stood at Rs. 2.58.