Records Rs 3.5 Bn Profit Before Tax for 6 months ending 30th June 2024.

Overseas Realty (Ceylon) PLC recorded a Group Revenue of Rs 3,605 Mn and a Group Profit Before Tax of Rs 3,519Mn for 6 months ending 30th June 2024. The appreciation of the LKR resulted in a net exchange gain of Rs 1,134 Mn compared to Rs. 2,908 Mn recorded in the corresponding period of last year on foreign currency loans. Net fair value gain recorded from Investment Properties was Rs. 1,160 Mn compared to the fair value loss of Rs. 33 Mn in the same period of last year.

The Company Revenue of Rs. 1,340 Mn at the World Trade Center, Colombo, was 19% higher than the corresponding period of last year, due mainly to higher occupancy and rental rates.

Revenue of Rs 797 Mn was recorded from Residential Sales of Havelock City which was higher than the corresponding period in 2023.  A limited number of move-in ready luxury apartments are available for purchase in the fourth and final phase of Havelock City Residential.

Mireka Tower at Havelock City, offering distinctive workspaces recorded a Revenue of Rs 454 Mn compared to Rs. 315 Mn in the corresponding period of last year due mainly to higher occupancy.  Havelock City Mall, which commenced operations in October 2023 recorded a Revenue of Rs 594 Mn.

“We are excited to announce the opening of two anchor tenants shortly- the Odel Department store and Scope Cinema Multiplex at the Havelock City Mall (HCM). On 26th July we will have the official opening of the 1000 seat, 6 screen multiplex, along with the first and only premium, large format IMAX Cinema with laser technology in the country. IMAX Cinema will offer movie enthusiasts a better picture, a better sound and a better experience. With luxurious seating, a wide array of delicious snacks, and a diverse selection of films, Scope Cinemas at Havelock City promises to be the ultimate destination for entertainment” stated Pravir Samarasinghe Group CEO / Director of Overseas Realty (Ceylon) PLC.

The Group Net Asset Value per Share as at 30th June 2024 stood at Rs 45.02 and the Earnings per Share for the period was Rs 2.72.