Overseas Realty posts Rs. 1.5 b net profit in 1H

Wednesday, 5 August 2015 00:00 - - {{hitsCtrl.values.hits}}

Overseas Realty (Ceylon) PLC in its performance reported a Group net profit of Rs. 1.5 billion for the first six months ended 30 June, a marginal decline of 2% over the corresponding period of 2014.

The Group recorded a revenue of Rs. 1.8 b, which was a decrease of BUP_DFT_DFT-11-5 31% over the corresponding period of last year, due mainly to the recognition of lower apartment sales at Havelock City.

The revenue from leasing grew by 15% to Rs. 984 m in comparison over last year due to high occupancy levels and average rentals at the World Trade Center (WTC), with other services revenue contributing Rs. 82 m, an increase of 40%, resulting in a total group revenue of Rs. 1.8 b.

Piling works of Havelock City Phase 3 and Phase 4 comprising four more residential towers with 644 luxury apartments commenced in May 2015.

The Group net asset value per share as at 30 June 2015 increased by 6% to Rs. 30.52 and the earnings per share for the period stood at Rs. 1.68. The profit attributable to equity holders of the parent increased by 5% to Rs. 1.46 b. The group expects to maintain high occupancy levels throughout the year at the WTC and is planning to commence the construction of Havelock City Phase 3 towards end of this year.

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