Overseas Realty records Rs. 1,390 m PAT for 1Q 2019 | Sunday Observer

Overseas Realty records Rs. 1,390 m PAT for 1Q 2019

Overseas Realty (Ceylon) PLC recorded a Group Revenue of Rs. 2,341 mn for the first quarter ended March 31, 2019, an increase of 67% over the corresponding period of last year. The Group Profit After Tax increased by 17% to Rs 1,390 mn.

The company revenue of Rs. 592 mn was 7% higher than the corresponding period of last year due mainly to higher rental rates and healthy occupancy levels maintained during the period.

The company is carrying out a comprehensive refurbishing and upgrading program to the common facilities of the building, to provide a superior service to owners, occupants and visitors. It is a strong testament to the Company’s dedication and commitment to excellence, in providing quality office space.

A revenue of Rs. 1.6 bn was recorded from apartment sales of Havelock City, compared to Rs. 747 mn in previous period due mainly to recognition of Phase 4 revenue during the period.

Phase 3 consisting of 304 units with 87% construction completion by end of the Quarter, is expected to finish by September 2019. On the other hand, Phase 4, consisting of 340 units, was 40% completed by the end of the Quarter and is expected to finish by October 2020.

The Havelock City Commercial Development which would comprise a 50 storeyed Office Tower and a Shopping Mall built to International Standards, will be an iconic landmark in the vicinity.

The project is under construction and expected to be completed by April 2021. Pre-leasing of retail space has already begun.

The Group Net Asset Value per Share as at March 31, 2019 stood at Rs. 33.32 and the Earnings per Share for the period was Rs. 1.12.