Overseas Realty revenue up 43-pct for six months ended Jun 30 2019

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Aug 06, 2019 (LBO) – Overseas Realty (Ceylon) PLC recorded a group revenue of 3,726 million rupees for six months ended June 30, 2019, an increase of 43 percent over the corresponding period of last year.

The Group Profit After Tax increased by 5 percent to 2,279 million rupees.

The Company Revenue of 1,192 million rupees was 8 percent higher than the corresponding period of last year due mainly to higher rental rates and healthy occupancy levels maintained during the period.

The Company is carrying out a comprehensive refurbishing and upgrading program to the common facilities of the building, with the intention of continuing to provide a superior service to owners, occupants and visitors. It is a strong testament to the Company’s dedication and commitment to excellence, in providing quality office space.

Revenue of 2.3 billion rupees was recorded from Apartment Sales of Havelock City, compared to 1.3 billion rupees in previous period due mainly to recognition of Phase 4 revenue during the period.