Overseas Realty (Ceylon) PLC recorded a Group profit after tax of Rs. 1,693 million for the six months ended June 30, 2017, an increase of 14% over the corresponding period last year.
Revenue of Rs. 1,028 million was recorded from Property Leasing at the World Trade Centre (WTC) Colombo, an increase of 8% over the corresponding period of last year and the company expects to maintain good occupancy levels during 2017.
Revenue from Other Services was Rs. 136 million, an increase of 25% over the previous period.
However, Revenue from Apartment Sales has not been recognized yet, 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, piling works of Phase 4 was completed in June 2017.
Construction of Phase 4 is scheduled to commence this month.
As at end June 2017, around 38% of Phase 3 units have been pre-sold.
Piling works of the Havelock City Commercial Development commenced in June 2017 and is expected to be completed in March 2018.
The Group Net Asset Value per Share as at June 30, 2017, stood at Rs 28.64 and the Earnings per Share for the period stood at Rs. 1.38.
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