April 26, 2012 (LBO) – Overseas Realty (Ceylon) PLC, owners of Sri Lanka’s iconic Twin Tower complex, has seen demand for its property grow, on the back of post-war economic sentiment, but warned a weak rupee was eroding earnings. The Singaporean company, saw post-tax profits grow 32.0 percent to 584 million rupees for the financial year ended December 31, 2011, while group revenues rose 47.0 percent to 2.5 billion rupees, the company said in its annual financial review.
The Twin Towers, situated in Colombo’s busy financial district that borders the Galle Face promenade, is one of the best business addresses in the capital.
Many of the key local and foreign clients including airlines, the Colombo Stock Exchange, the Securities and Exchange Commission and the Board of Investments have office space overlooking the expansive Indian Ocean.
Each tower has 39 floors, providing around 750,000 square feet of commercial and retail space.
Group profit was affected by a 39.8 million rupee exchange loss, following a devaluation of the Sri Lankan rupee in 2011. In 2010, the group reported an exchange gain of 83.7 million rupees.
The Sri Lankan currency has lost 13.3 percent of its value since the central bank on Fe