Overseas Realty ups nine-month profit by 18% to Rs. 1.6 b

Overseas Realty (Ceylon) PLC said yesterday it has recorded a Group revenue of Rs. 4,933 million for nine months ended 30 September 2021, an increase of 75% over the corresponding period of last year. The Group

Overseas Realty Group CEO/Director Pravir Samarasinghe

Profit After Tax increased by 18% to Rs. 1,603 m.

It said Rs. 1,559 m revenue was recorded from property leasing at the World Trade Centre (WTC). 

The refurbishment and upgrading program of common facilities at WTC Colombo was completed to provide superior facilities and services to tenants and visitors. It is a strong testament to the company’s dedication and commitment to excellence, in providing quality office space.

During the nine months, revenue of Rs. 2,967 m was recorded from sale of apartments compared to Rs. 786 m in the previous period. With the successful completion of the fourth and final phase and having obtained the COC from the UDA – Havelock City is currently handing over completed apartment units to its buyers. A limited number of move-in ready apartments are also available in both Phase 3 and 4 for immediate occupancy. 

The construction of the Havelock City Commercial complex comprising of a 50-storey Grade A Office Tower; Mireka Tower and an international standard shopping mall with a range of retail, F&B and entertainment options are substantially completed and is expected to opened mid-2022. Pre-leasing of space at both the office tower and mall has commenced.

The Group net asset value per share as of 30 September stood at Rs. 37.15 and the earnings per share for nine months was Rs. 1.29.