Overseas Realty (Ceylon) PLC has reported group revenue of Rs. 3,292 million and group profit before tax of Rs. 1,926 million for the first quarter ending 31 March 2026, the company said in a filing reported by Daily FT.
The rupee’s depreciation produced a net exchange loss of Rs. 68 million on foreign currency loans for the quarter, narrower than the Rs. 136 million loss recorded in the corresponding period last year.
World Trade Center, Colombo, the company’s flagship office complex, recorded company-level revenue of Rs. 780 million, an 11% increase over Q1 2025 driven mainly by higher rental rates. Mireka Tower revenue rose 114% to Rs. 1,027 million on higher occupancy levels and improved rental rates. Havelock City Mall revenue grew 22% to Rs. 585 million.
Havelock City residential sales contributed Rs. 556 million during the quarter, lower than the corresponding 2025 period due to a limited number of units available for sale.
Mireka Seascape, the company’s 168-unit luxury apartment and villa development on the southern coast launched in June 2025, has progressed to the piling stage in Q2 2026 after what the company described as strong market acceptance.
Group CEO Pravir Samarasinghe said the company “remains financially resilient” with “high occupancy levels across all investment properties, strong recurring revenue streams, and a robust asset base,” adding that Overseas Realty is “well positioned to accelerate the exploration of new development opportunities within the real estate sector.”
The Q1 results land amid a Colombo Stock Exchange that closed April up 7% and an inflation reading holding at 5.4% for the same month.
Source: Daily FT.
