ORC Group posts Rs 504 mn profit in 1Q

The consolidated profits of Overseas Realty (Ceylon) PLC (ORC) recorded a strong performance in the 1st quarter of 2013, with Group posting a profit of Rs 504 million, a growth of 33 % over the previous year's corresponding quarter.

Growth in profits was driven by strong performance from leasing of office space at the World Trade Center (WTC) Colombo where revenues of Rs 344 mn grew 19 % over the previous year's corresponding quarter, with the occupancy at the WTC Colombo being maintained above 95 %.

Additionally, growth in profits was also driven by the recognizing of revenue and profitability of the apartments sold in Phase 2, in the quarter, where revenue from apartment sales of Rs 547 mn grew 227 % over the previous year's corresponding quarter.