Overseas Realty records Rs. 788m PAT in 1Q, 2015

Overseas Realty (Ceylon) PLC recorded a Group Profit after tax of Rs. 788 million, for the first Quarter ended March 31, 2015, a marginal decline over the corresponding period of 2014. The Group registered a revenue of Rs. 1.1 billion, a decrease of 34% over the corresponding period of last year.

The Group Revenue was affected by lower Apartment sales at Havelock City which decreased by 52% to Rs. 601million. The performance of the Group was supported by revenue from leasing which grew by 15% to Rs. 488 million due to high occupancy levels and average rentals at the World Trade Centre (WTC), with other services contributing Rs. 40 million, an increase of 30% resulting in

a revenue of Rs. 1.1 billion.

The piling work at the Havelock City Phase 3 and Phase 4 residential development is due to commence soon. Around 23% of Phase 3 units have already been pre-sold.

The Group Net Asset Value per share as at March 31, 2015 increased by 3% to Rs. 31.63 and the Earnings per Share stood at Rs 0.89. A dividend of Rs. 1.50 per share was declared for the financial year ended December 31, 2014.