Overseas Realty (Ceylon) PLC recorded a Group Profit After Tax of Rs 2.9 billion for 2016 marginally 2016 marginally down from Rs. 3 billion in 2015.
An impressive revenue of Rs 1,878 million was recorded from property leasing at the World Trade Center (WTC) Colombo and the Company expects to maintain good occupancy levels during 2017 as well.
Revenue from Other Services was Rs 259 million which is an increase of 27% over the previous year 2015.
However, there was a dip in the revenue from apartment sales which reduced from Rs 974million to Rs 285 million due to the inability to recognize revenue of Havelock City Phase 3 sales during this period, it said.
Havelock City Residential Phase 3 was launched in March 2016 and as at the yearend around 31% of the units have been pre-sold. While construction of Havelock City Phase 3 is currently underway, pilling works for Phase 4 is scheduled to be completed by April 2017.
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