Sri Lanka’s Overseas Realty profits up on forex gains, fair value

ECONOMYNEXT – Sri Lanka’s Overseas Realty Ceylon Plc, owners of the Echelon Towers building in the capital Colombo, said profits rose 21 percent to 881 million rupees in the March 2017 quarter from a year earlier.

The group’s rental income went up 6 percent to 503 million rupees, and direct operating expenses rose 6 percent to 571 million rupees in the quarter.

Of the profits, 316 million rupees were from fair value gains. The firm also reported 315 million rupees of fair value gains last year.

Profits were boosted by a forex gain of 139 million rupees, sharply up from half a million rupees a year earlier.

The firm reported profits of 46 cents per share without fair value gains and 72 cents with fair value gains.

The stock closed at 20.30 rupees on Monday. (Colombo/Apr26/2017)

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