Overseas Realty (Ceylon) PLC records strong earnings growth for 2012
View(s):Despite both local and international economic challenges, Overseas Realty Plc, Sri Lanka’s premier property development and investment holdings, experienced a bright 2012 with the company recording its highest earnings in history.
The company’s 2012 profit before tax (PBT) excluding fair value gains was up by 48 per cent compared to the preceding year reaching an all time high of Rs. 956 million.
In the company annual report, Chairman S.P Tao praised the World Trade Centre (WTC) and Havelock city condominiums citing them as key contributors to the company’s impressive year.
The report noted that WTC maintained an average occupancy of over 90 per cent throughout the year and achieved a 22 per cent increase in average rental rates. Consequently the company achieved a Post Tax Profit (excluding fair value gains) of Rs.979 million which was a growth of 109 per cent over the previous year.
Regarding Havelock City apartments the report noted that the company had pre-sold over 50 per cent of Havelock City Phase 2 Residential apartments as at December 2012.
The report also stated that the construction of Havelock City Phase 2 residential development comprising 219 luxury apartments is expected to be completed by March 2014.
Evaluating the future prospects of Overseas Realty and the property market, the report noted that the “property market is a direct beneficiary of long term economic growth and stability”. Mr. Tao stated that Overseas Realty is “well positioned as a leading property developer to deliver sustainable profit growth.”
(SP)
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