Overseas Realty records Rs. 3b Group net profit in 2015

Overseas Realty (Ceylon) PLC recorded a Group Net Profit of Rs 3 Billion in 2015 despite lower revenue.Revenue from Property Leasing grew by 11% to Rs 1.96Bn in comparison with last year, with high Occupancy levels and higher Rentals at the World Trade Center (WTC).

The Company expects to maintain good occupancy levels during 2016. Revenue from Other Services contributed an increase of 98% to Rs 206Mn. However Revenue from Apartment Sales reduced from Rs 4.3Bn to Rs 0.97Bn with the remaining Sales of Phase 2 being recognized during 2015. Piling works of Havelock City Phase 3 was completed early 2016 and pilling works of Phase 4 is expected to be completed during 2016.

The Sales launch of Phase 3 will be held on March 18, comprising two more residential towers with 304 luxury apartments.

The state-of-the-art clubhouse, one of the largest in Sri Lanka, with recreational facilities including a gymnasium, swimming pools and jacuzzis, squash courts, entertainment lounge, restaurant, and banquet halls for the use of residents is fully operational. The Group Net Asset Value per Share as at December 31, 2015 increased by 5% to Rs. 32.22 and the Earnings per Share for the year stood at Rs 3.44. In comparison with last year the profit attributable to Equity Holders of the Parent increased marginally by 1% to Rs 2.99 bn.

The company announced a dividend of Rs 1.50 per share for the year 2015 amounting Rs 1.3 bn.