Overseas Realty posts Rs. 1 b pre-tax profit in 1Q

Friday, 25 April 2025 04:50 - - {{hitsCtrl.values.hits}}

Chairman Ajit Jayaratne

Group CEO/Director Pravir Samarasinghe

Overseas Realty (Ceylon) PLC announced yesterday it has recorded a Group revenue of Rs. 2,438 million and a Group Profit Before Tax (PBT) of Rs. 1,060 million for the first quarter ended 31 March 2025.

The depreciation of the Sri Lankan Rupee resulted in a net exchange loss of Rs. 136 million on foreign currency loans.

The company revenue of Rs. 704 million at the World Trade Centre, Colombo, was 8% higher than the corresponding quarter of last year, due mainly to higher occupancy and rental rates. Revenue of Rs. 560 million was recorded from residential sales of Havelock City, which was higher than the corresponding period in 2024. A limited number of move-in-ready luxury apartments are still available for purchase in the fourth and final phase.

Mireka Tower at Havelock City, offering distinctive workspaces, recorded a revenue of Rs. 480 million compared with Rs. 173 million in the corresponding period of last year, due mainly to higher occupancy. Havelock City Mall recorded a revenue of Rs. 479 million as against Rs. 177 million in the corresponding period of last year, due mainly to higher occupancy.

The Group Net Asset Value per Share as of 31 March 2025 stood at Rs. 48.10 and the Earnings per Share for the period was Rs. 0.78.

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