Overseas Realty records 43 percent revenue increase in first six months this year
Sri Lanka based Overseas Realty (Ceylon) PLC has reportedly recorded a group revenue of Rs 3,726 million for six months ended June 30, 2019, which is an increase of 43 percent over the corresponding period of last year.
Accordingly, the Group’s Profit After Tax (PAT) has increased by 5% to Rs 2,279 million.
The Company Revenue of Rs 1,192 million was 8 percent higher than the corresponding period of last year due mainly to higher rental rates and healthy occupancy levels maintained during the period, the state owned English, Daily News has reported.
The report further stated that the Company is carrying out a comprehensive refurbishing and upgrading programme to the common facilities of the building, with the intention of continuing to provide a superior service to owners, occupants and visitors, which are strong testaments to the Company’s dedication and commitment to excellence, in providing quality office space.
According to reports, the revenue of Rs 2.3 billion was recorded from Apartment Sales of Havelock City, compared to Rs 1.3 billion in previous period due mainly to recognition of Phase 4 revenue during the period.
Construction of Phase 3 consisting of 304 units was almost completed by end of the Quarter and is expected to be handed over in October 2019 while on the other hand, Phase 4 consisting of 340 units, was 50% completed by end of the Quarter, is expected to finish by October 2020, reports further state.
The Havelock City Commercial Development which comprises a 50 storeyed Office Tower and a Shopping Mall built to International standards, will be an iconic landmark in the vicinity and the project is currently under construction and is scheduled to be completed by April 2021.
OSL take:
The increase in revenue recorded by Overseas Realty is indicative of the continuous growth recorded by Sri Lanka’s real estate sector. The country’s development programme, the ease of doing business environment, geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by Sri Lanka has made it the ideal business destination in the South Asian region. This has resulted in the increase in demand in Sri Lanka’s real estate sector. Therefore, Sri Lanka’s real estate sector offers many lucrative business/investment opportunities to foreign businesses/investors.
| Article Code : | VBS/AT/07082019/Z_4 |