High occupancy at World Trade Center, 95% of condos pre-sold
High occupancy levels at the World Trade Center (WTC) and sale of luxury apartments at Havelock City has driven profits of the Overseas Realty (Ceylon) PLC group, including fair value gains 28% from the comparative period last year in the first nine months of the current financial year to Rs. 2.4 billion, the company announced.
The group maintained growth momentum to achieve revenue of Rs4.7 bn., up 41% through property leasing, trading and services, the company said.
Property leasing revenue climbed 12% to Rs1.3 bn. over the corresponding period with occupancy level at WTC being maintained well above 98%. The revenue recognized from property trading increased by 56% to Rs3.3 bn for the nine months. Tighter control of operating and administration expenses also contributed to the increased profitability, a news release said.
The Group Net Asset Value per share at end September 2014 increased by 4% to Rs 29.76 and the Earnings per Share for the nine months stood at Rs 2.58 rising 23% YoY.
ORCL expects to maintain high occupancy levels rest of the year at WTC and continue its robust sale of apartments. The Havelock City Phase 2 Residential Development has achieved full construction completion as at end September 2014 and pre-sold over 95% of the condominium units.
www.island.lk
High occupancy levels at the World Trade Center (WTC) and sale of luxury apartments at Havelock City has driven profits of the Overseas Realty (Ceylon) PLC group, including fair value gains 28% from the comparative period last year in the first nine months of the current financial year to Rs. 2.4 billion, the company announced.
The group maintained growth momentum to achieve revenue of Rs4.7 bn., up 41% through property leasing, trading and services, the company said.
Property leasing revenue climbed 12% to Rs1.3 bn. over the corresponding period with occupancy level at WTC being maintained well above 98%. The revenue recognized from property trading increased by 56% to Rs3.3 bn for the nine months. Tighter control of operating and administration expenses also contributed to the increased profitability, a news release said.
The Group Net Asset Value per share at end September 2014 increased by 4% to Rs 29.76 and the Earnings per Share for the nine months stood at Rs 2.58 rising 23% YoY.
ORCL expects to maintain high occupancy levels rest of the year at WTC and continue its robust sale of apartments. The Havelock City Phase 2 Residential Development has achieved full construction completion as at end September 2014 and pre-sold over 95% of the condominium units.
www.island.lk
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