Overseas Realty records Rs. 2.2 b profit end of 3Q 2016

Overseas Realty (Ceylon) PLC recorded a Group profit after tax of Rs. 2.2 billion for the nine months ended 30th September 2016.

The company recorded a revenue of Rs. 1,395 m from Property Leasing at the World Trade Center (WTC) Colombo and expects to maintain good occupancy levels during 2016. Revenue from Other Services was Rs. 150 m which is an increase of 21% over the corresponding period of 2015. However, the revenue from Apartment Sales reduced from Rs. 805 m to Rs. 284 m due to the inability to recognise revenue of Havelock City Phase 3 sales during this period.Phase 3 was launched in March 2016 and as at the quarter end around 28% of the Phase 3 units had been pre-sold. While construction of Havelock City Phase 3 is currently underway, pilling work for Phase 4 is scheduled to be completed by April 2017.  The Group Net Asset Value per Share as at 30 September 2016 stood at Rs. 33.20 and the Earnings per Share for the period stood at Rs. 2.48.