Overseas Realty records Rs. 1.5 bn profit end of 2nd quarter 2015


Pravir Samarasinghe – Group CEO & Director of Overseas Realty (Ceylon) PLC

Overseas Realty (Ceylon) PLC in its performance, reported a Group Net profit of Rs 1.5 billion for the first 6 months ended 30th June 2015, a marginal decline of 2% over the corresponding period of 2014. The Group recorded a Revenue of Rs 1.8 bn which was 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. 984Mn in comparison over last year due 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 Total Group Revenue of Rs. 1.8 bn.

Piling works of Havelock City Phase 3 and Phase 4 comprising 4 more residential towers with 644 luxury apartments commenced in May 2015.

The Group Net Asset Value per share as at 30th June 2015 increased by 6% to Rs. 30.52 and the Earnings per Share for the period stood at Rs. 1.68. The profit attributable to Equity Holders of the Parent increased by 5% to Rs. 1.46Bn. The group expects to maintain high occupancy levels throughout the year at the WTC and is planning to commence the construction of Havelock City Phase 3 towards end of this year.


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