The East West PLC Group has recorded a Rs 288 million revenue for the year ended March 31, 2017. This revenue was recorded from warehousing, self storage rental, supply of ready mix concrete, broadcasting and media, equipment trading and apartments rental income.
During the financial year under review warehouse were successful with continued tenancy said Chairman, Nahil Wijesuriya.
High occupancy was achieved with revenue of Rs. 35.3 million which was 45% higher than the last year. As the hotel project was over, the company managed to rent out the area which was utilized by the hotel project to Nor Lanka Manufactures Colombo Ltd. Self storage rental income contributed Rs 6.1 million to the company turnover. During the financial year under review the Group recorded finance expense of Rs 180 million. This includes Rs159.4 million of exchange loss incurred by the depreciation of the Sri Lanka rupee against the US Dollar. However compared to the corresponding periods finance expenses of Rs. 214 million was 16% lower than the last financial year. Since the Weligama Marriot Hotel Properties Limited has been completed and commenced its commercial operations we expect 70% occupancy through the year and the Group will receive new revenue streams. The hotel will be managed by the Marriott International, Luxury Hotel management (BV$) Limited.
Meanwhile East West Properties Chairman, Nahil Wijesuriya in a stock market filing informed that he has transferred his majority stake in East West Properties PLC, which has a subsidiary operating a Marriot hotel in the country’s south coast, to his two sons and the daughter in a Rs.1.1 billion deal. Following the transaction, Vajira Wijesuriya has 21.3 percent stake in East West Properties, Vijitha Wijesuriya has 25.83 percent stake and Anika Wijesuriya has 21.55 percent stake.All four involved in the transaction are directors of East West Properties, which is currently in the Default Board of the Colombo Stock Exchange for the non-submission of annual reports for the year ended March 31, 2017.
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