Overseas Realty Records Rs 2,334 Mn Profit Before Tax for 1st Quarter 2023

Mr. Ajit Jayaratne – Chairman Overseas Realty (Ceylon) PLC

Overseas Realty (Ceylon) PLC recorded a Group Revenue of Rs 880 Mn and a Group Profit Before Tax of Rs 2,334 Mn for the 1^st quarter ending 31^st March 2023. The appreciation of LKR by 9% resulted in a significant exchange gain of Rs 2,060Mn on foreign currency loans.

The Company Revenue of Rs 600 Mn at the World Trade Center, Colombo, was 14% 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 the Mireka Tower at Havelock City commenced operations in 2023 recording a Revenue of Rs 163 Mn.

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

Mr. Pravir Samarasinghe – Group CEO/ Director – Overseas Realty (Ceylon) PLC 

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

The Group Net Asset Value per Share as at 31^st March 2023 stood at Rs 43.47 and the Earnings per Share for the period was Rs 1.81