Overseas Realty posts Rs 2.2 bn 9 month profit
Oct 27, 2016 – Overseas Realty (Ceylon) PLC recorded a Group profit after tax of Rs 2,2 billion, for the nine months ended September 30, 2016.
The Company recorded a revenue of Rs1,395 million from Property Leasing at the World Trade Center (WTC) Colombo and expects to maintain good occupancy levels during 2016. Revenue from Other Services was Rs 150 million which is an increase of 21% over the corresponding period of 2015.However, the Revenue from apartment sales reduced from Rs 805 million to Rs284 million due to the inability to recognise revenue of Havelock City Phase 3 sales during this period.
Phase 3 was launched in March 2016 and as at the quarter end around 28% of the Phase 3 units had been pre-sold. While construction of Havelock City Phase 3 is currently underway, pilling work for Phase 4 is scheduled to be completed by April 2017.
The Group Net Asset Value per Share as at September 30, 2016 stood at Rs 33.20 and the earnings per share for the period stood at Rs 2.48.