Overseas Realty in Sri Lanka records increase in revenue in 2019 1Q over corresponding period last year
Overseas Realty (Ceylon) PLC has reportedly recorded a group revenue of Rs 2,341 million for the first Quarter ended March 31, 2019, which an increase of 67% over the corresponding period of last year. The Group’s Profit after Tax (PAT) has increased by 17% to Rs 1,390 million.
The Company revenue of Rs 592 million was 7% higher than the corresponding period of last year due mainly to higher rental rates and healthy occupancy levels maintained during the period, media reports stated.
The company is reportedly 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. This has been viewed as a strong testament to the company’s dedication and commitment to excellence, in providing quality office space.
Revenue of Rs 1.6 billion was recorded from apartment sales of Havelock City, compared to Rs 747 million in previous period due mainly to recognition of phase four revenue during the period.
Phase 3 consisting of 304 units with 87% construction completion by end of the Quarter, is expected to finish by September 2019, media reports further noted. On the other hand Phase 4, consisting of 340 units, was 40% completed by end of the Quarter, is expected to finish by October 2020, reports add.
According to reports, the Havelock City Commercial Development which would comprise a 50 storeyed office tower and a shopping mall built to international standards, will be an iconic landmark in the vicinity. The project is currently under construction and expected to be completed by April 2021. Pre-leasing of retail space has already begun.
The Group Net Asset Value per Share as at March 31, 2019 was at Rs 33.32 and the Earnings per Share for the period was Rs 1.12.
OSL take:
The growth in revenue recorded by Sri Lanka’s Overseas Realty indicates the level of success of the country’s private sector as well as the potential for growth in businesses in the country. The government of Sri Lanka has also taken many steps to improve the ease of doing business environment in the country. Therefore, foreign businesses could explore business opportunities in Sri Lanka.
| Article Code : | VBS/AT/16052019/Z_5 |