Overseas Realty 1Q performance helped by massive exchange gains

Overseas Realty (Ceylon) PLC recorded a group revenue of Rs.880 million and a group profit before tax of Rs. 2.3 billion for the first quarter ending 31st March 2023. 

The appreciation of the rupee by 9 percent resulted in a significant exchange gain of Rs. 2.06 billion on foreign currency loans.

However, the group profit after tax fell 12 percent year-on-year to Rs. 2.24 billion.

The company revenue of Rs. 600 million at the World Trade Centre, Colombo, was 14 percent higher than the corresponding period of last year, due mainly to higher rental rates. No revenue was recorded in the first quarter from residential sales of Havelock City due mainly to higher prices, interest rates and depressed demand.

Finally, after 5 years since the groundbreaking, Mireka Tower at Havelock City commenced operations in 2023 recording revenue of Rs. 163 million.

The Havelock City Shopping Mall comprising a leasable area of 200,000 sq.ft built to international standards with a range of fashion, food and beverage and entertainment experiences is scheduled to open in August 2023.

The fourth and final phase of Havelock City Residential which was completed in 2021 has a limited number of ready to move-in of completed apartments available for purchase.

The Group Net Asset Value per Share as at 31st March 2023 stood at Rs.43.47 and the Earnings per Share for the period was Rs1.81.