Overseas Realty records Rs. 2.2 b group net profit

Overseas Realty (Ceylon) PLC recorded a Group Net profit of Rs. 2.2 billion for the nine months ended September 30, 2015, a decrease of 12% over the corresponding period of 2014. The Group recorded a revenue of Rs. 2.4 bn which was a decrease of 49% over the corresponding period of last year, due mainly to the recognition of lower apartment sales at Havelock City.

The revenue from Property Leasing grew by 14% to Rs. 1.5 bn compared to last year due to high occupancy levels and higher rentals at the World Trade Centre (WTC), with Other Services Revenue contributing Rs. 131 mn, an increase of 36% resulting in a group revenue of Rs. 2.4 bn.

The company expects to maintain high occupancy levels throughout the year at the WTC.

Piling works of Havelock City Phase 3 and Phase 4 comprising four more residential towers with 644 luxury apartments was launched in May 2015 with the superstructure construction due to start next year.

The Group Net Asset Value per share as at September 30, 2015 increased by 2% to Rs. 31.26 and the Earnings per Share for the period was Rs. 2.43. The profit attributable to equity holders of the parent decreased marginally by 3% to Rs. 2.1bn.