Overseas Realty records Rs 3.5bn PBT in 1H

Overseas Realty (Ceylon) PLC has recorded a group revenue of Rs. 3,605 million and a group Profit Before Tax (PBT) of Rs. 3,519million for 6 months ended 30June 2024. 

The appreciation of the Rupee resulted in a net exchange gain of Rs. 1,134 million compared to Rs. 2,908 million recorded in the corresponding period of last year on foreign currency loans. Net fair value gain recorded from investment properties was Rs. 1,160 million compared to the fair value loss of Rs. 33 million in the same period of last year. 

The company revenue of Rs. 1,340 million at the World Trade Centre, Colombo, was 19 percent higher than the corresponding period of last year, due mainly to higher occupancy and rental rates.   

Revenue of Rs. 797 million was recorded from Residential Sales of Havelock City which was higher than the corresponding period in 2023.  A limited number of move-in-ready luxury apartments are available for purchase in the fourth and final phase of Havelock City Residential.

Mireka Tower at Havelock City, offering distinctive workspaces recorded revenue of Rs. 454 million compared to Rs. 315 million in the corresponding period of last year due mainly to higher occupancy.  Havelock City Mall, which commenced operations in October 2023 recorded revenue of Rs. 594 million.

The entity is also gearing up to open two anchor tenants shortly- the Odel Department store and Scope Cinema Multiplex at the Havelock City Mall (HCM). 

The Group Net Asset Value per Share as at 30 June 2024 stood at Rs. 45.02 and the Earnings per Share for the period was Rs. 2.72.