East West Properties PLC recorded Rs 1,002 million revenue which was 90% higher than the last year for the year ended March 31, 2018.
Weligama Bay Marriott Resort & Spa, Income added to our Group Revenue, said Chairman, Nishantha Sooriyaarachchi.
The Group Hotel recorded turnover of Rs. 685 million from the first 8 months of hotel operation while Rs. 317 million was recorded from Rental, Infrastructure, Construction and Trading.
The Group has further received Rs. 14 million from other income and Rs. 18.6 million finance income during the financial year.
The Group however recorded Rs.874 million Losses for the financial year mainly due to hotel preoperational expenses of Rs. 139 million, depreciation cost of Rs. 382 million deferred tax expenses of Rs. 233 mn and Finance Cost of Rs 231 million. Out of Rs 231 million, finance cost is Rs.161 million for interest expenses for the loans obtained for Hotel construction and exchange loss incurred by the depreciation of the Sri Lanka Rupee against the US Dollar.
“Our future plans will focus on maintaining above 70% average occupancy with a good average room rate from our Weligama Bay Marriott Resort & Spa, also enhancing profitability of our warehouses and self storage, by providing maximum service to the clients, expand supply of ready mix concrete by securing a number of new sites and enhance infrastructure facilities of our transmission sites of Peoples Media Network (Pvt) Ltd.”
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