Overseas Realty records Rs. 4.5 b Profit Before Tax for nine months

Friday, 25 October 2024 01:33 - - {{hitsCtrl.values.hits}}

Chairman Ajit Jayaratne (left) Group CEO/ Director Pravir Samarasinghe

Overseas Realty (Ceylon) PLC said yesterday it has recorded a Group Revenue of Rs. 5,499 million and a Group Profit Before Tax of Rs. 4,579 million for nine months ending on 30 September.

The Company said the appreciation of the LKR resulted in a net exchange gain on foreign currency loans of Rs. 1,463 million compared to Rs. 2,422 million recorded in the corresponding period of last year. Net fair value gain recorded from Investment Properties was Rs. 1,160 million compared to a fair value loss of Rs. 33 million in the same period of last year.

The company revenue of Rs. 1,990 million at the World Trade Center, Colombo, was 16% higher than the corresponding period of last year, due mainly to higher occupancy and rental rates.

Revenue of Rs. 1,167 million was recorded from residential sales of Havelock City which was higher than the corresponding period in 2023. A limited number of move-in ready luxury apartments are still available for purchase in the fourth and final phase of Havelock City Residential. Mireka Tower at Havelock City, offering distinctive works paces recorded a revenue of Rs. 707 million compared to Rs. 412 million in the corresponding period of last year due mainly to higher occupancy. Havelock City Mall, which commenced operations in October 2023 recorded a revenue of Rs. 939 million.

The Group Net Asset Value per Share as at 30 September stood at Rs. 45.82 and the earnings per share for the period was Rs. 3.52.