Overseas Realty records Rs. 2.3bn profit for...
Overseas Realty (Ceylon) PLC recorded a group revenue of Rs.3.7 billion for the six months ended June 30, 2019, an increase of 43 percent over the corresponding period of last year. The group profit after tax increased by 5 percent to Rs. 2.3 billion.
The company revenue of Rs.1.2 billion was 8 percent higher than the corresponding period of last year mainly due to higher rental rates and healthy occupancy levels.
The company is carrying out a comprehensive refurbishing and upgrading programme to
the common facilities of the building, with the intention of continuing to provide a superior service to owners, occupants and visitors. It is a strong testament to the company’s dedication and commitment to excellence, in providing quality office space.
Revenue of Rs.2.3 billon was recorded from apartment sales of Havelock City, compared to Rs.1.3 billion in the previous period mainly due to the recognition of Phase 4 revenue during the period.
Construction of Phase 3 consisting of 304 units was almost complete by end of the quarter and is expected to be handed over in October 2019.
On the other hand, Phase 4 consisting of 340 units, was 50 percent complete by end of the quarter, and is expected to finish by October 2020.
The Havelock City Commercial Development, which comprises a 50-storeyed office tower and a shopping mall built to international standards, will be an iconic landmark in the vicinity.
The project is currently under construction, and expected to be completed by April 2021. Pre-leasing of retail space has already begun.
The group net asset value per share as at June 30, 2019 stood at Rs 32.79 and the earnings per share for the period was Rs 1.82.