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Overseas Realty (Ceylon) PLC recorded a group profit after tax of Rs. 788 m, for the 1st Quarter ended March 31,2015, a marginal decline over the corresponding period of 2014. The Group registered a revenue of Rs. 1.1 bn, a decrease of 34% over the corresponding period of last year. The group revenue was affected by lower apartment sales at Havelock City which decreased by 52% to Rs. 601 m.
The performance of the Group was supported by Revenue from Leasing which grew by 15% to Rs. 488 m due to high occupancy levels and average rentals at the World Trade Center (WTC), with Other Services contributing Rs. 40 mn an increase of 30% resulting in a total revenue of Rs. 1.1 b.
The Piling work at the Havelock City Phase 3 and Phase 4 residential development is planned to commence in May 2015. Around 23% of Phase 3 units have already been pre-sold.
Courtesy: Daily News 13 May 2015
The performance of the Group was supported by Revenue from Leasing which grew by 15% to Rs. 488 m due to high occupancy levels and average rentals at the World Trade Center (WTC), with Other Services contributing Rs. 40 mn an increase of 30% resulting in a total revenue of Rs. 1.1 b.
The Piling work at the Havelock City Phase 3 and Phase 4 residential development is planned to commence in May 2015. Around 23% of Phase 3 units have already been pre-sold.
Courtesy: Daily News 13 May 2015
