Overseas Realty continues steady growth

Monday, 4 November 2013 00:00 - - {{hitsCtrl.values.hits}}

Overseas Realty (Ceylon) PLC continued its steady growth, with the nine months group net profit excluding fair value gains recording Rs. 1,207 million, a growth of 173% over the corresponding period of last year. Group revenue grew by 130% to Rs. 3,320 m and Group net profit, including fair value gains, grew by 11% to Rs. 1,787 m.

Growth in Group profit was driven by strong performance from leasing of office space at the World Trade Center Colombo (WTC). The Company revenue of Rs. 1,214 m grew 19% over the corresponding period, with the year-to-date average occupancy at WTC reaching 97%. Additionally, growth in Group profit was driven by revenue and profitability of the apartment sales in Havelock City Phase 2. The revenue recognised from apartment sales of Rs. 2,118 m for the nine months grew 397% over the previous year. Group earnings per share and net asset value per share as at 30 September 2013 stood at Rs 1.96 and Rs 27.69 respectively. The Group is confident of preserving high occupancy levels at the WTC and continuing its robust sale of apartments. The Havelock City Phase 2 Residential Development has achieved 60% of construction and is expected to be completed by mid-2014.