Overseas Realty records nearly Rs.3 bln pre-tax profit for 1Q 2022

Overseas Realty (Ceylon) PLC has recorded a steady growth in revenue and profitability, primarily driven by the Havelock City Residential sales, to record a group revenue of Rs. 7,051 million and a group pre-tax profit of Rs. 2.9 billion for the 1st Quarter ended 31st March 2022.

Company revenue of Rs. 527 million at the World Trade Centre, Colombo was 3 per cent higher than the corresponding period of last year, due mainly to higher rental rates. Revenue of Rs.6,427 million was recorded by 31 March 2022 from apartment sales of Havelock City, compared to Rs. 761 million in the previous period, due mainly to higher apartment sales, the company said in a media release.

“The strong growth in revenue and profitability was fronted by the robust performance of Havelock City Residential apartment sales during the first quarter of 2022. The weakening Sri Lankan rupee and an increase in inflation in the past few months, resulted in a strong demand for residential properties,” said Pravir Samarasinghe, Group Director/ CEO of Overseas Realty (Ceylon) PLC.

“Amidst the many difficulties including the economic crisis and import restrictions and with support extended to the contractor, 94 per cent of the works of the Mireka Tower and Shopping Mall at Havelock City were completed by the end of March 2022, " the statement said .