Ceylon FT: Overseas Realty (Ceylon) PLC, developers and managers of the iconic World Trade Centre Colombo and the under-construction Havelock City mixed development project, reported a group net profit of Rs 804.8 million for the quarter ended 31 March 2014, up 45% from a year ago," the company said in its interim financial statement.
Rental income grew 23% to Rs 423.8 million and apartment sales rose 130% to Rs 1.25 billion during the quarter, interim financial statements filed with the stock exchange showed.
Operating expenses were flat from a year ago to Rs 106.22 million and cost of apartment sales rose 125% to Rs 1.04 billion.
Finance costs fell 20% to Rs 22.2 million and finance income grew 25% to Rs 87.6 million.
Earnings per share with fair value gains amounted to 85 cents, up from 61 cents a year ago.
Havelock City Residential phase 2 is nearing completion, the company said.
"The company's Subsidiary Mireka Capital Land (Pvt) Ltd assessed for Value Added Tax (VAT) for periods between January 2006 and January 2009 amounting to Rs 190 million plus penalties. The company has appealed against same and filed a writ application in the Court of Appeal to prevent recovery action being taken by authorities.
Although there can be no assurance, the directors believe, based on the information currently available, that the ultimate resolution of such legal proceedings would be favourable to the company and therefore would not have an adverse effect on the results of operations or financial position. Accordingly, no provision for any liability has been made in these financial statements. The company's subsidiary Mireka Homes (Pvt) Ltd., has been assessed for ESC amounting to Rs 2.9 million plus penalties and the company has appealed against same," the company said in the notes to the interim financial statements.
Capital expenditure commitments: Mireka Capital Land (Pvt) Ltd., has commitments amounting to Rs 46 million as at the balance sheet date in respect of the Havelock City Club House Development; Havelock City (Pvt) Ltd., has commitments amounting to Rs 43 million in respect of the Havelock City Commercial Development; Mireka Homes (Pvt) Ltd., has commitments amounting to Rs 1,232 million in respect of the Havelock City Residential Development.
The company owns 185 condominium units that are held to earn rentals. These units constitute the investment property of the group.
The Employees' Provident Fund is the third largest stakeholder with a 5.03 stake as at end March 2014.
In 2013, its iconic property the twin towers of the World Trade Centre Colombo, maintained an average occupancy of 98% and achieved a 19% increase in rental rates.
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Rental income grew 23% to Rs 423.8 million and apartment sales rose 130% to Rs 1.25 billion during the quarter, interim financial statements filed with the stock exchange showed.
Operating expenses were flat from a year ago to Rs 106.22 million and cost of apartment sales rose 125% to Rs 1.04 billion.
Fair value gain on investment property increased 8% to Rs 250.8 million and exchange loss fell 25% to Rs 780,000.
Finance costs fell 20% to Rs 22.2 million and finance income grew 25% to Rs 87.6 million.
Earnings per share with fair value gains amounted to 85 cents, up from 61 cents a year ago.
Havelock City Residential phase 2 is nearing completion, the company said.
"The company's Subsidiary Mireka Capital Land (Pvt) Ltd assessed for Value Added Tax (VAT) for periods between January 2006 and January 2009 amounting to Rs 190 million plus penalties. The company has appealed against same and filed a writ application in the Court of Appeal to prevent recovery action being taken by authorities.
Although there can be no assurance, the directors believe, based on the information currently available, that the ultimate resolution of such legal proceedings would be favourable to the company and therefore would not have an adverse effect on the results of operations or financial position. Accordingly, no provision for any liability has been made in these financial statements. The company's subsidiary Mireka Homes (Pvt) Ltd., has been assessed for ESC amounting to Rs 2.9 million plus penalties and the company has appealed against same," the company said in the notes to the interim financial statements.
Capital expenditure commitments: Mireka Capital Land (Pvt) Ltd., has commitments amounting to Rs 46 million as at the balance sheet date in respect of the Havelock City Club House Development; Havelock City (Pvt) Ltd., has commitments amounting to Rs 43 million in respect of the Havelock City Commercial Development; Mireka Homes (Pvt) Ltd., has commitments amounting to Rs 1,232 million in respect of the Havelock City Residential Development.
The company owns 185 condominium units that are held to earn rentals. These units constitute the investment property of the group.
The Employees' Provident Fund is the third largest stakeholder with a 5.03 stake as at end March 2014.
In 2013, its iconic property the twin towers of the World Trade Centre Colombo, maintained an average occupancy of 98% and achieved a 19% increase in rental rates.
www.ceylontoday.lk
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