Business Times

Overseas Realty profits up sharply in 6mths to June 2011

The Overseas Realty (Ceylon) PLC) Group six months to June 2011 results showed a revenue of Rs 1,130 million and net profit of Rs 287 million, up by 25% and 79%, respectively over the first six months of the previous year.

The profits also included unrealized exchange gains of Mireka Group its main subsidiary. The comparative growth in profit year on year adjusted for such exchange gains is 64%. The reported profit excludes fair value gains on substantial investment properties owned by the company, company said.
Rental income from WTC for the six months grew by 12% over the previous year with occupancy increasing by almost 10% over June 2010 and over 5% from December 2010. The net profit of the company which reflects the WTC operations was Rs 177 million for the six months, up 39% from the previous year.

The Havelock City project is entering a rapid development stage with construction of two more residential towers and the state of the art Clubhouse scheduled to commence from September this year. The commercial development which will house the country’s biggest shopping mall and two office towers is in its design finalization stages with construction expected to start in the first quarter of 2012.

At the ground breaking ceremony for the Clubhouse held in August, Group CEO Mr Pravir Samarasinghe stated that the Havelock City Clubhouse will be unparalleled in terms of design and offerings and will include among other facilities squash courts, a modern gymnasium, sauna, a large swimming pool, Jacuzzi, dedicated children’s pool, badminton court, basketball hoops, day care centre, function rooms with banquet facilities and barbecue areas for the exclusive use of the residents, the company statement recalled.

Revenue from the sale of apartments during the first half of the year was Rs 722 million an increase of 34% over the previous year.

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