Overseas Realty (Ceylon) PLC recorded a group revenue of Rs 1,402 million for the first quarter ended March 31, 2018, an increase of 142% over the corresponding period of last year. The group gross profit increased by 96% to Rs 849 million.
The group profit before tax grew by 37% to Rs 1,155 million and group profit after tax increased by 38% to Rs 1,147 million, compared to the previous period.
Revenue of Rs 557 million was recorded from property leasing at the World Trade Center (WTC) Colombo, an increase of 10% in comparison with previous period. The company expects to maintain good occupancy levels during 2018. Revenue from other services was Rs 98 million, an increase of 44% over the previous period. Revenue of Rs 747 million was recorded from apartment sales of Havelock City, compared to Rs 6 million in previous period.
Havelock City Phase 3 comprising two towers, Stratford and Melford with 304 luxury apartments is currently under construction with almost 45% completed and is expected to be handed over by mid-2019. Over 60% of Phase 3 apartments have been pre-sold as at March 31, 2018.
The group profit before tax grew by 37% to Rs 1,155 million and group profit after tax increased by 38% to Rs 1,147 million, compared to the previous period.
Revenue of Rs 557 million was recorded from property leasing at the World Trade Center (WTC) Colombo, an increase of 10% in comparison with previous period. The company expects to maintain good occupancy levels during 2018. Revenue from other services was Rs 98 million, an increase of 44% over the previous period. Revenue of Rs 747 million was recorded from apartment sales of Havelock City, compared to Rs 6 million in previous period.
Havelock City Phase 3 comprising two towers, Stratford and Melford with 304 luxury apartments is currently under construction with almost 45% completed and is expected to be handed over by mid-2019. Over 60% of Phase 3 apartments have been pre-sold as at March 31, 2018.
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