Overseas Realty (Ceylon) PLC recorded a Group Profit after tax of Rs 881 Million for the 1st Quarter ended 31st March 2017, an increase of 21 % over the corresponding period last year.
Revenue of Rs 504 Mn was recorded from Property Leasing at the World Trade Center (WTC) Colombo which is an increase of 6% over the corresponding period last year and the Company expects to maintain good occupancy levels during 2017.
Revenue from Other Services was Rs 68Mn which is an increase of 8% over the previous period. However, the Revenue from Apartment Sales is not recognized during this period since the construction of Havelock City Phase 3 has not reached the required completion level.
While construction of Havelock City Phase 3 is currently underway, pilling works for Phase 4 is scheduled to be completed by June 2017.
As at the end of the 1st Quarter around 35% of Phase 3 units have been pre-sold. Piling work of the Havelock City Commercial Development is expected to commence in May 2017.
At the recent AGM held on 24th April 2017, the Shareholders approved the payment of a First and Final Dividend of Rs 1.25 per Ordinary Share. This Dividend is paid on the enhanced shares consequent on the Rights Issue and the outflow would be Rs 1,554 Mn compared to Rs 1,265 Mn paid last year.
The Group Earnings per Share for the period stood at Rs 0.72.