Overseas Realty profits rise to Rs 287 m in Q2
The Overseas Realty (Ceylon) PLC) Group posted impressive results for
the first half of the year with the second quarter showing significant
growth over the first quarter and the previous year.
The quarter ending June achieved a revenue growth of 58 percent and
net profit growth of 30 percent over the previous quarter laying the
foundation for healthy profit growth during the year under review.
The Group recorded revenue of Rs 1,130 mn and net profit of Rs 287 mn
which is an increase of 25 percent and 79 percent respectively over the
first six months of the previous year.
The profits also included unrealized exchange gains of Mireka Group
its main subsidiary. The comparative growth in profit year on year
adjusted for such exchange gains is 64 percent.
The reported profit excludes fair value gains on substantial
investment properties owned by the company. Rental income from WTC for
the six months grew by 12 percent over the previous year with occupancy
increasing by almost 10 percent over June 2010 and over 5 percent from
The net profit of the Company which reflects the WTC operations was
Rs 177 mn for the six months which is an increase of 39 percent from the
The Havelock City project is entering a rapid development stage with
construction of two more residential towers and the state-of-the-art
Clubhouse scheduled to commence from September this year.
The commercial development which will house the country’s biggest
shopping mall and two office towers is in its design finalization stages
with construction expected to start in the first quarter of 2012. Group
CEO Pravir Samarasinghe said Havelock City Clubhouse will be
unparalleled in terms of design and offerings and will include among
other facilities squash courts, a modern gymnasium, sauna, a large
swimming pool, Jacuzzi,dedicated children’s pool, badminton court,
basketball hoops, day care centre, function rooms with banquet
facilities and barbecue areas for the exclusive use of the residents.