The Overseas Realty (Ceylon) PLC, owners of the upmarket World Trade Centre (WTC) and Havelock city complex, group revenues up at Rs 1,657 million and net profit rising by 77 % to Rs 440 million in the nine months to September 2011 compared with the previous year.
The unrealized exchange gains recorded for Mireka Group, its main subsidiary, in the first half of the year was partially eroded in the last two months of the 3rd quarter due to the depreciation of the Rupee against the US Dollar, the group said in a statement.
The reported profit excludes fair value gains on the substantial investment property owned by the Company – the iconic World Trade Center (WTC).
Rental income from the WTC for the period grew by 20% over the previous year with occupancy increasing by almost 18% over September 2010 and is almost 5% above the previous quarter. The net profit of the company which reflects the WTC operation was Rs 294 million for the period which is an increase of 56% over the previous year, it said.
Signed up office space commitments as at date will result in the company enjoying a occupancy of 90% by end 2011 and a committed occupancy of nearly 95% at WTC.
Revenue from the sale of apartments during the period under review was up by 63 % at Rs 1,017 million.
The company is also establishing itself gradually in fee based realty and property management services through its subsidiary Realty Management Services. In addition to managing the facilities at the WTC and Havelock City, Realty Management Services is engaged in leasing of office space, sale and renting of apartments, absentee land lord management and the management of 3rd party facilities and properties. |
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