Overseas Realty ups 1H post-tax profit by 37% to Rs. 1.5 b

Monday, 28 July 2014 00:00 - - {{hitsCtrl.values.hits}}

Overseas Realty (Ceylon) PLC continued its earnings growth in the first six months of 2014 with a 58% increase in group profit after tax, (excluding fair value gains on investment property) to reach Rs. 1,028 million.

The Group Revenue increased by 57% to Rs. 2,603 million fronted by healthy growth in Property Leasing, Trading and Service segments. Group profit after tax, including fair value gains, grew by 37% to Rs. 1,529 million. Growth in group profit was driven by strong performance from leasing of office space at the World Trade Center, Colombo (WTC). Property leasing revenue of Rs. 858 million rose by 19% over the corresponding period, with leased occupancy at the WTC being maintained at 98%. Growth in group profit was also supported by revenueand profitability of apartment sales at Havelock City. The revenue recognised from Property Trading increased by 85% to Rs. 1,686 million for the six months. The group earnings per share for the six months and net asset value per share as at 30 June 2014 stood at Rs. 1.65 and Rs. 28.84 respectively. The group expects to maintain high occupancy levels throughout the year at the WTC and continue its robust sale of apartments. The Havelock City Phase 2 Residential Development had achieved 97% completion as at end June 2014 and had sold 89% of the condominiums.