Overseas Realty Records Rs 4.5 Bn Profit Before Tax for 9 months

Overseas Realty (Ceylon) PLC recorded a Group Revenue of Rs 5,499 Mn and a Group Profit Before Tax of Rs 4,579 Mn for 9 months ending 30th September 2024. The appreciation of the LKR resulted in a net exchange gain on foreign currency loans of Rs 1,463 Mn compared to Rs. 2,422 Mn recorded in the corresponding period of last year. Net fair value gain recorded from Investment Properties was Rs. 1,160 Mn compared to a fair value loss of Rs. 33 Mn in the same period of last year.

The Company Revenue of Rs. 1,990 Mn at the World Trade Center, Colombo, was 16% higher than the corresponding period of last year, due mainly to higher occupancy and rental rates.

Revenue of Rs 1,167 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 still available for purchase in the fourth and final phase of Havelock City Residential.

Mireka Tower at Havelock City, offering distinctive works paces recorded a Revenue of Rs 707 Mn compared to Rs. 412 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 939 Mn.

The Group Net Asset Value per Share as at 30th September 2024 stood at Rs 45.82 and the Earnings per Share for the period was Rs 3.52