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09 August, 2013 11:18 AM Source: Financial Times - Sri Lanka

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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