Overseas Realty (Ceylon) PLC has announced impressive financial results for the six months ending June 30, 2024. The company recorded a Group Revenue of Rs. 3,605 million and a Group Profit Before Tax of Rs. 3,519 million.
The appreciation of the Sri Lankan Rupee (LKR) contributed to a net exchange gain of Rs. 1,134 million, compared to Rs. 2,908 million in the same period last year from foreign currency loans. Additionally, the company achieved a net fair value gain of Rs. 1,160 million from Investment Properties, a significant turnaround from the fair value loss of Rs. 33 million recorded in the previous year.
At the World Trade Center, Colombo, company revenue reached Rs. 1,340 million, a 19% increase from the corresponding period last year, driven by higher occupancy and rental rates.
Residential sales at Havelock City generated Rs. 797 million, surpassing the previous year’s figures. The fourth and final phase of Havelock City Residential still offers a limited number of move-in ready luxury apartments for purchase.
Mireka Tower at Havelock City, known for its distinctive workspaces, reported a revenue of Rs. 454 million, up from Rs. 315 million last year due to higher occupancy. The Havelock City Mall, which began operations in October 2023, recorded a revenue of Rs. 594 million.
Pravir Samarasinghe, Group CEO/Director of Overseas Realty (Ceylon) PLC, expressed excitement about the upcoming openings at Havelock City Mall: “We are thrilled to announce the opening of two anchor tenants – the Odel Department store and Scope Cinema Multiplex. On July 26, we will officially open the 1,000-seat, six-screen multiplex, featuring the country’s first and only premium, large-format IMAX Cinema with laser technology. Movie enthusiasts will enjoy superior picture and sound quality, luxurious seating, a wide array of delicious snacks, and a diverse selection of films. Scope Cinemas at Havelock City promises to be the ultimate destination for entertainment.”
As of June 30, the Group’s Net Asset Value per Share stood at Rs. 45.02, with Earnings per Share for the period at Rs. 2.72.