Overseas Realty profits up 27% to Rs. 3.3 b

Monday, 2 February 2015 00:34 - - {{hitsCtrl.values.hits}}

Overseas Realty (Ceylon) PLC concluded a successful Financial Year 2014 recording its highest profit after tax of Rs. 3.3 billion surpassing Rs. 2.6 billion of last year. The group maintained a worthy growth momentum to achieve a revenue of Rs. 6.2 billion, an increase of 28% through property leasing, trading and service segments. Growth in group profit was dri

ven by high occupancy levels at the Iconic World Trade Centre (WTC) and sales of luxury apartments at Havelock City. Property leasing revenue grew by 11% to Rs. 1.8 billion over 2013 with occupancy levels being maintained above 98%. Excellent quality facilities and services continued to be provided to the occupants of this building complex. During 2014 the construction of Havelock City Phase 2 residential development was completed. The relevant revenue recognised from the sale of apartments amounted to Rs. 4.3 billion, an increase of 36% over the previous year. Marketing of Phase 3 of the Havelock City residential development is progressing satisfactorily with more than 25% of units being reserved with deposits. The construction of Phase 3 is expected to commence in 2015. The Group Net Asset Value per share as at end 2014 increased by 7% to Rs. 30.76 and the earnings per share for the year stood at Rs. 3.51 rising 21% YoY. The company announced a dividend of Rs. 1.00 per share. “The property sector is a direct beneficiary of sustainable economic growth, stability and business confidence, and we are confident our property development and management businesses will perform satisfactorily in the years to come,” stated Overseas Realty (Ceylon) PLC Group CEO Pravir Samarasinghe.