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09 August, 2013 11:18 AM Source: Financial Times - Sri Lanka
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Overseas Realty (Ceylon) PLC said it continued steady earnings growth with year to date group net profit excluding fair value gains recording Rs. 651 m, an increase of 545% over the previous year.

Group revenue grew by 82% to Rs. 1,656 m and group profit, including fair value gains, grew by 18% to Rs. 1,038 m. Growth in profitability was fronted by strong performance in leasing of office space at the World Trade Centre. Revenue of Rs. 755 m was up 16% over the corresponding period, with occupancy at the WTC being maintained well above 95%.

Additionally, growth in group profits was also driven by recognising revenue and profitability of the apartments sold in Phase 2 of Havelock City Residential.

The revenue from apartment sales of Rs. 910 m for six months grew 255% over the previous year’s corresponding amount. More...

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