Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.

Thank You

Join the forum, it's quick and easy

Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.

Thank You
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka


Submit Post




View results

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


Send your suggestions and comments

* - required fields


Latest topics

» Misuse of government property by Royal Colombo Golf Club
by ChooBoy Today at 12:52 pm

» SL Cauvery and Mannar Basins Petroleum Resource Data Revealed
by samaritan Today at 12:00 pm

» Expolanka to continue its winning streak
by samaritan Today at 10:39 am

» Container shipping stocks routed
by target1 Yesterday at 1:32 pm

» Supply Chain Latest: Ocean Freight Rates Are Falling
by target1 Yesterday at 1:26 pm

» Turkish ship leaves Ukraine's Mariupol after grain talks with Moscow
by target1 Yesterday at 11:29 am

» This week's CBOT corn, soy freefalls hard to match in recent years
by target1 Yesterday at 9:57 am

» Positive news to boost market sentiment
by samaritan Yesterday at 9:52 am

» Maharaja at IMF meeting
by Maharaja Thu Jun 23, 2022 10:35 pm

» Why no power cuts in certain areas of Colombo?
by samaritan Thu Jun 23, 2022 5:44 pm

» India assures fullest support to Sri Lanka as a close friend
by samaritan Thu Jun 23, 2022 5:17 pm

» SINS, SAMP, COMB, PARQ, ALUMEX and AEL - are they good shares to start collecting now?
by surfjj Thu Jun 23, 2022 4:25 pm

» Learn how a fixed exchange rate system can be used to reduce inflation.
by target1 Thu Jun 23, 2022 3:35 pm

» Debt Crisis: Sri Lanka Vs Argentine
by CHRONICLE™ Thu Jun 23, 2022 8:17 am

» Sri Lanka in state of panic 1 month after sovereign default
by reyaz Tue Jun 21, 2022 5:23 pm

» Financial stability - we are at the crossroads.
by sheildskye Tue Jun 21, 2022 2:17 pm

» Shrinkflation: Is it ethical?
by sheildskye Tue Jun 21, 2022 2:05 pm

» Banking bullish billionaire Ishara expands footprint
by samaritan Tue Jun 21, 2022 10:58 am

» SL hopes to finalize a staff level program with IMF soon-RW
by samaritan Tue Jun 21, 2022 9:48 am

» Sri Lanka Stock Market heading toward ASPI 4500
by samaritan Tue Jun 21, 2022 9:29 am








You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Overseas Realty finally reaping

Overseas Realty finally reaping

2 posters

Go down  Message [Page 1 of 1]

1Overseas Realty finally reaping Empty Overseas Realty finally reaping Sun Apr 27, 2014 9:59 am



Overseas Realty finally reaping

"harvest of our sacrifices’’ says Tao

Special dividend of one rupee a share on top or ordinary dividend
April 26, 2014, 6:10 pm

The World Trade Centre in Colombo has maintained an average occupancy of 98% throughout 2013 and achieved a 19% increase in average rental rates, its owning company, Overseas Realty (Ceylon) PLC has said in its annual report for the year ended December 31, 2013.

The report also said that the pre-tax profit, excluding fair value gains of Rs.1.7 billion, was the highest in the group’s history. Also, borrowings were down by Rs.279 million and the debt equity ratio was reduced to 8% from 11% the previous year.

The company’s Chairman, Mr. S.P. Tao, has told shareholders that he believed that Overseas Realty is "finally able to begin to reap the harvest of our considerable sacrifices.’’

He declared that the World Centre building was ``standing tall and proud with almost full occupancy by sterling tenants and most importantly, was free from any debt.’’

Tao also announced that the company’s Board of Directors have proposed a special dividend (Re.1/= per share) "to reward shareholders for their patience and confidence during the past several years."

In addition to the special dividend, a final dividend of Rs.0.45 per share has also been recommended by the directors and adopted by shareholders at an AGM last Thursday.

Tao also reported that they expected completion of the Phase 2 residential development at Havelock City by the middle of this year. This comprises two towers with 219 luxury apartments.

Marketing of Phase 3 of the Havelock City residential development has been launched along with the opening of the Club House in the complex last November.

"The future of the Sri Lankan economy is positive with the prevailing harmony and peace in the country. The property sector is a direct beneficiary of long term economic growth, stability and increased business confidence," Tao said.

"The standard of living in Sri Lanka is expected to improve with economic progression. Hence, as property developers and property managers the future of your company is positive."

Overseas Realty has a stated capital of Rs.10.19 billion, a revaluation reserve of Rs.238.9 million and group retained earnings of Rs.13.75 billion in its books. The company’s retained earnings are Rs.13.23 billion.

Total assets of the group run at Rs.30.9 million and the company at Rs.25 billion while total liabilities of the group are Rs.5.57 billion and of the company Rs.1.36 billion.

The Shing Kwan Investment Company with 53.75%, Unity Builders with 26.1% and the EPF with 5.03% are the major shareholders of the company.

Shing Kwan Investments (Singapore) Limited (2.56%) and Chipperfield Investments (0.91%) are subsidiaries of the parent company.

Among the public sector shareholders of overseas Realty are the People’s Bank, NSB, Bank of Ceylon and the Sri Lanka Insurance Corporation which are among the 20 top shareholders although their stakes in percentage terms is small. The public holds 16.64% of the issued shares.

Earnings per share during the year under review stood at

Rs.2.89 while net assets per share were up to Rs.28.66 from Rs.26.05 the previous year. The overseas Realty share traded at a high of Rs.21.30 and a low of Rs.13.90 against a trading range of Rs.15.60 to Rs.9.50 a year earlier.

The directors of the company are: Messrs. S.P. Tao (Chairman), H.Z. Cassim (Deputy Chairman), T.K. Bandaranayake, A.M. De S. Jayaratne, L.R. de Lanerolle, Rohini Nanayakkara, Mildred Tao Ong, Melville Pin, En Ping Ong and R. Jayamaha.

2Overseas Realty finally reaping Empty Re: Overseas Realty finally reaping Mon Apr 28, 2014 6:54 am


Manager - Equity Analytics
Manager - Equity Analytics

It has been a slow progress for this share performance. However with the construction on the new towers with pre-sales and maintenance fees they should do well. Rental income also satisfactory with WTC income. Low interest rates should help but most are expats who buy? I hear after buying an apartment about 35k per month has to be paid as security, cleaning etc costs so this is good business if they have more and more finished apartments.

3Overseas Realty finally reaping Empty Re: Overseas Realty finally reaping Tue Apr 29, 2014 10:32 pm



Yes have a lookout our new technical analytics and charts thread

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum