Overseas Realty records Rs 3,569 m PAT for 3Q 2019 | Sunday Observer

Overseas Realty records Rs 3,569 m PAT for 3Q 2019

Overseas Realty (Ceylon) PLC recorded a Group Revenue of Rs 6,280 mn for nine months ended 30th September 2019, an increase of 47% over the corresponding period of last year. The Group Profit After Tax increased by 7% to Rs 3,569 mn.

The company revenue of Rs 1,798 mn was 8% higher than the corresponding period of last year due mainly to higher rental rates and healthy occupancy levels maintained during the period.

The on-going refurbishment and upgrading program to the common facilities of WTC Colombo is currently on schedule, with the intention of continuing to provide a superior service to owners, occupants and visitors.

Revenue of Rs 4.1 bn was recorded from Apartment Sales of Havelock City, compared to Rs 2.3 bn in previous period due mainly to recognition of Phase 4 Revenue during the period.

Phase 3 of Havelock City Residential Apartments consisting 304 units are now ready for handover, having obtained the Certificate of Conformity (COC) from the Urban Development Authority (UDA). A handful of fitted out units are available for sales from Phase 3 at attractive prices excluding VAT.

Construction of Phase 4 comprising two more luxury apartment towers, have been completed up to the roof slab and is expected to be ready by October 2020.

Phase 4 offers the final chance to buyers to own an apartment at Havelock City. The Havelock City Commercial Development anchoring the Havelock City Residential comprises a 50 storey Grade A office tower named ‘Mireka Tower’ and a shopping mall offering a variety of food and beverage, entertainment and retail options.

Mireka Tower offering workspaces recently commenced pre-leasing. The Commercial Development is currently under construction and is expected to be completed by April 2021.

The Group Net Asset Value per Share as at 30 September 2019 stood at Rs 33.82 and the Earnings per Share for the period was Rs 2.87.