Overseas Realty records Rs. 1.5 b profit for 1st half 2016

Friday, 5 August 2016 00:00 - - {{hitsCtrl.values.hits}}

Untitled-6 Overseas Realty (Ceylon) PLC recorded a Group Profit after tax of Rs. 1,485 million, for the first six months ended 30 June.

The company recorded a revenue of Rs. 950 million from Property Leasing at the World Trade Centre (WTC) Colombo and expects to maintain good occupancy levels during 2016. Revenue from Other Services was Rs. 109 million which is an increase of 42% over the corresponding period of 2015. However, the revenue from apartment sales reduced from Rs. 733 million to Rs. 126 million due to non-recognition of revenue of Havelock City Phase 3 during this period. Phase 3 was launched in March 2016 and as at the quarter end around 25% of the Phase 3 units had been pre-sold. While construction of Havelock City Phase 3 is currently underway, pilling works for Phase 4 is scheduled to complete during 2016.

In addition to the developments in the Residential component, Havelock City is currently working on the design works for its Commercial complex. The Commercial complex will consist of a world class A grade Office Tower and a Shopping Mall built to international standards with a fusion of retail, dining and entertainment.

The Group Net Asset Value per Share as at 30 June stood at Rs. 32.39 and the Earnings per Share for the period stood at Rs. 1.66.

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