Overseas Realty Records Rs 3,019Mn Profit Before Tax for Nine Months October 2023

Overseas Realty (Ceylon) PLC recorded a Group Revenue of Rs 3,035 Mn and a Group Profit Before Tax of Rs 3,019 Mn for the nine months ended 30th September 2023. The appreciation of the LKR by 12% resulted in a significant exchange gain of Rs 2,422Mn on foreign currency loans.

The Company Revenue of Rs 1,719 Mn at the World Trade Center, Colombo, was 11% higher than the corresponding period of last year, due mainly to higher rental rates. Revenue of Rs 457Mn was recorded from Residential Sales of Havelock City which was significantly lower than the corresponding period in 2022.

Apartment sales slowed down due to higher construction costs and new taxes which increased sales prices. A limited number of move-in ready apartments are available for immediate purchase in the fourth and final phase of Havelock City Residential which was completed.

Mireka Tower at Havelock City, which commenced operations in January 2023 recorded a Revenue of Rs 439 Mn.

The grand opening of the Havelock City Mall was ceremoniously held on 19th of October 2023. Spanning over 200,000 square feet, Havelock City Mall is a retail paradise, housing six premier anchor tenants that include ODEL, Cargills Food Hall, Scope Cinema, Food Studio, Cool Planet, and Abans. Moreover, there are 132 other retail outlets, offering an unparalleled selection of fashion and accessories, entertainment options, tantalizing food and beverages, convenient services, electronics, homeware, and gifts and novelties.

“We are delighted to welcome everyone to the Havelock City Mall. Our mall has unique features that make us special, with its superior development concept, perfect size, central location, and meticulously curated collection of international and local brands. We look forward to providing a diverse and exciting retail environment, entertainment options and dining experiences for all our shoppers. Havelock City Mall is poised to become the ultimate modern lifestyle suburban mall, catering to the entire family – a happy place for all." stated Pravir Samarasinghe, Group CEO/Director of Overseas Realty (Ceylon) PLC.

The Group Net Asset Value per Share as of 30th September 2023 stood at Rs 42.66 and the Earnings per Share for the Nine Months period was Rs 2.24

Mr. Ajit Jayaratne – Chairman Overseas Realty (Ceylon) PLC

Mr. Pravir Samarasinghe – Group CEO/ Director – Overseas Realty (Ceylon) PLC