Thumping exchange gains boost Overseas Realty first half profits

Overseas Realty (Ceylon) PLC recorded a group revenue of Rs 1,811million and a group profit after tax of Rs 3,369 million for the six months ending 30th June 2023. 

The appreciation of the rupee by 15 percent resulted in a significant exchange gain of Rs. 3,146 million on foreign currency loans.

The company revenue of Rs 1,124 million at the World Trade Centre, Colombo, was 6 percent higher than the corresponding period of last year, due mainly to higher rental rates. Revenue of Rs. 160 million was recorded from residential sales of Havelock City which was significantly lower than the corresponding period in 2022.

Apartment sales slowed down due to higher interest rates along with higher construction costs and new taxes which increased sales prices. A limited number of move-in ready apartments are available for immediate purchase in the fourth and final phase of Havelock City Residential which was completed in 2021.

Mireka Tower at Havelock City, which commenced operations in January 2023 recorded a revenue of Rs. 287 million.  The Havelock City Shopping Mall comprising a leasable area of 200,000 sq.ft. with a range of fashion, food and beverage and entertainment experiences scheduled to open during October 2023.

The Group net asset value per share as of 30th June 2023 stood at Rs.43.12 and the earnings per share for the six-month period was Rs.2.71.