Overseas Realty (Ceylon) PLC continued its earnings growth in the first six months of 2014 with a 58% increase in group profit after tax, (excluding fair value gains on Investment property)to reach Rs 1,028 mn.
The Group Revenue increased by 57%to Rs 2,603 mn fronted by healthy growth in Property Leasing, Trading and Service segments. Group profit after tax, including fair value gains, grew by 37% to Rs 1,529 mn.
Growth in group profit was driven by strong performance from leasing of office space at the World Trade Center,Colombo (WTC). Property leasing revenue of Rs 858 mn rose by 19% over the corresponding period, with leased occupancy at the WTC being maintained at98%. Growth in group profit was also supported by revenue and profitability of apartment sales at Havelock City.
The revenue recognised from Property Trading increased by 85 % to Rs 1,686 mn for the six months. The group earnings per share for the six months and net asset value per share as at June 30,2014 stood at Rs1.65 and Rs 28.84 respectively.
The group expects to maintain high occupancy levels throughout the year at the WTC and continue its robust sale of apartments.
The Havelock City Phase 2 Residential Development had achieved 97% completion as at end June 2014 and had sold 89% of the condominiums.
The Group Revenue increased by 57%to Rs 2,603 mn fronted by healthy growth in Property Leasing, Trading and Service segments. Group profit after tax, including fair value gains, grew by 37% to Rs 1,529 mn.
Growth in group profit was driven by strong performance from leasing of office space at the World Trade Center,Colombo (WTC). Property leasing revenue of Rs 858 mn rose by 19% over the corresponding period, with leased occupancy at the WTC being maintained at98%. Growth in group profit was also supported by revenue and profitability of apartment sales at Havelock City.
The revenue recognised from Property Trading increased by 85 % to Rs 1,686 mn for the six months. The group earnings per share for the six months and net asset value per share as at June 30,2014 stood at Rs1.65 and Rs 28.84 respectively.
The group expects to maintain high occupancy levels throughout the year at the WTC and continue its robust sale of apartments.
The Havelock City Phase 2 Residential Development had achieved 97% completion as at end June 2014 and had sold 89% of the condominiums.
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