Overseas Realty 1Q, 2015 profits hit Rs 1.5b mark

Overseas Realty (Ceylon) PLC reported a Group Net profit of Rs 1.5 billion for the first six months ended June 30, 2015, a marginal decline of 2% over the corresponding period of 2014.

The Group recorded a revenue of Rs 1.8 bn a decrease of 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 mn in comparison over last yeardue to high occupancy levels and average rentals at the World Trade Center (WTC), with Other Services Revenue contributing Rs. 82 mn an increase of 40% resulting in a group revenue of Rs. 1.8 bn.

Piling work of Havelock City Phase three and Phase four comprising four more residential towers with 644 luxury apartments was launched in May 2015.

The Group Net Asset Value per share as at June 30, 2015 increased by 6% to Rs. 30.52 and the Earnings per Share stood at Rs. 1.68.

The profit attributable to equity holders of the parent increased by 5% to Rs. 1.46 bn.The group expects to maintain high occupancy levels throughout the year at the WTC and hopes to launch construction of Havelock City Phase three at the end of this year.