Overseas Realty profits rise 79% in 2Q

The Overseas Realty (Ceylon) PLC Group in the quarter ending June achieved a revenue growth of 58 per cent and net profit growth of 30 percent over the previous quarter.

The Group recorded revenue of Rs 1,130M and net profit of Rs 287M which is an increase of 25 percent and 79 percent over the first six months of the previous year. The profits included unrealised exchange gains of Mireka Group its main subsidiary. The comparative growth in profit year on year adjusted for such exchange gains is 64 per cent. The reported profit excludes fair value gains on substantial investment properties owned by the Company.

Rentals from WTC for the six months grew by 12 percent over the previous year with occupancy increasing by almost 10 percent over June 2010 and over 5 percent from December 2010. The net profit of the Company which reflects the WTC operations was Rs 177M for the six months which is an increase of 39 percent from the previous year.