Overseas Realty records Rs. 1.5 bn profit for 1H15

4 August 2015 06:30 pm Views - 1632

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 percent over the corresponding period of 2014. 

The group recorded a revenue of Rs 1.8 billion which was a decrease of 31 percent 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 percent to Rs. 984 million 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 million, an increase of 40 percent resulting in a total group revenue of Rs. 1.8 billion.
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 percent 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 percent to Rs. 1.46 billion. 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.