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Overseas Realty profits up 27% to Rs. 3.3 b
02 Feb 2015


Overseas Realty (Ceylon) PLC concluded a successful Financial Year 2014 recording its highest profit after tax of Rs. 3.3 billion surpassing Rs. 2.6 billion of last year. The group maintained a worthy growth momentum to achieve a revenue of Rs. 6.2 billion, an increase of 28% through property leasing, trading and service segments.
Growth in group profit was driven by high occupancy levels at the Iconic World Trade Centre (WTC) and sales of luxury apartments at Havelock City. Property leasing revenue grew by 11% to Rs. 1.8 billion over 2013 with occupancy levels being maintained above 98%. Excellent quality facilities and services continued to be provided to the occupants of this building complex.
During 2014 the construction of Havelock City Phase 2 residential development was completed. The relevant revenue recognised from the sale of apartments amounted to Rs. 4.3 billion, an increase of 36% over the previous year.