Overseas Realty 2Q net profit soars by 545%

Friday, 9 August 2013 00:00 - - {{hitsCtrl.values.hits}}

Overseas Realty (Ceylon) PLC said it continued steady earnings growth with year to date group net profit excluding fair value gains recording Rs. 651 m, an increase of 545% over the previous year.

Group revenue grew by 82% to Rs. 1,656 m and group profit, including fair value gains, grew by 18% to Rs. 1,038 m. Growth in profitability was fronted by strong performance in leasing of office space at the World Trade Centre. Revenue of Rs. 755 m was up 16% over the corresponding period, with occupancy at the WTC being maintained well above 95%. Additionally, growth in group profits was also driven by recognising revenue and profitability of the apartments sold in Phase 2 of Havelock City Residential. The revenue from apartment sales of Rs. 910 m for six months grew 255% over the previous year’s corresponding amount. Group earnings per share for six months and net asset value per share as at 30 June 2013 stood at Rs. 1.17 and Rs. 26.91 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 has achieved 50% completion and is expected to be completed in June 2014.