Following its recent disclosure to the Colombo Stock Exchange which said the company would seek to expedite on post war leisure sector opportunities in the country, business magnate Nahil Wijesuriya controlled East West Properties (PLC) has started its hunt to find suitable properties in order to create a 'land bank' for hotel projects along the Southern coast of Sri Lanka. In a weekly newspaper the company last week advertised for 1 to 3 acre beach front properties in the coast line from Colombo to Hambantota.
East West Properties recently informed the Colombo bourse that its board of directors has resorted to go for Rs.1.03 billion rights issue to 'raise funds to invest in the booming tourism industry and for working capital for ongoing projects'.
The company also said that it wanted to build up a 'land bank' of properties suited for the hospitality and leisure industry.
Releasing its interim results for the nine months ended December 2010 yesterday, the company said its net profit rose 841 percent to Rs.4.3 million for the December quarter from the corresponding period of last year.
The net profit for the nine months ended December 2010 also rose 630 percent to Rs.36 million in comparison with the Rs.4.9 million recorded in the same period, previous year.
The company's property, plants and equipments were valued at Rs.138 million while total assets as at December 2010 were Rs.500 million. The stated capital of the company was Rs.175 million.
The company has two warehouses in Peliyagoda which have been rented out.
Nahil Wijayasuriya controlled Asia 2000 Investments Incorporation remains the controlling shareholder of the East West Properties owning 51 percent stake.
Last year Wijayasuriya completely exited from the Hotel Services PLC (the owners of the Ceylon Continental Hotel) selling his controlling stake in the prime property to Hayleys Group, controlled by Dhammika Perera.
source - www.dailymirror.lk
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