Overseas Realty records Rs 4.9 b profit, declares dividend | Sunday Observer

Overseas Realty records Rs 4.9 b profit, declares dividend

S. P. Tao and Pravir Samarasinghe
S. P. Tao and Pravir Samarasinghe

Overseas Realty (Ceylon) PLC concluded a successful Financial Year recording a Group Revenue of Rs. 6,792 mn, an increase of 57% over last year. The Group Profit After Tax grew 54% to Rs. 4,883 mn, as compared to the previous year.

The company revenue of Rs. 2.3 bn, was 10% higher than last year, due mainly to higher rentals and healthy occupancy levels during the year.

The company has commenced a refurbishing and upgrading program for the common facilities of the building, to provide a superior service to owners, occupants and visitors.

This is a testament to the company’s dedication and commitment to excellence in providing quality office space.

Mireka Homes recorded a revenue of Rs. 4.1 bn compared to Rs. 1.9 bn in 2017 due mainly to increased revenue from Havelock City Phase 3, apartment sales. The Group Revenue and Profit Before Tax grew 57%and 32%.

Phase 3 consisting of 304 units with 80% construction completed by end 2018, is 62% pre-sold and the construction is expected to be completed by September 2019.

Phase 4 which was launched to market in August 2018 was 28% completed by end 2018 with 16% pre-sold and is expected to be finished in October 2020.

The Havelock City Commercial Development comprises a 50-storey office tower and a shopping mall which will be an iconic landmark.

Chairman of Overseas Realty (Ceylon) PLC, S. P. Tao said, “Sri Lanka is evolving as one of the leading destinations in the region, with office, commercial, tourism and service sectors expected to grow over the next decade.”

The Group Net Asset Value per Share as at December 31, 2018 stood at Rs. 32.26 and the Earnings per Share for the period was Rs. 3.93.

The Directors have recommended a first and final dividend of Rs. 1.25 per ordinary share for the Financial Year ended December 31, 2018.