East West Properties : Interim Financial Statement for the quarter ended 31st December 2022

					1
EAST WEST PROPERTIES PLC
CONSOLIDATED INCOME STATEMENT
	9 Months ended 31st December	3 Months ended 31st December
	2022	2021	Change	2022	2021		Change
	Rs.	Rs.	%	Rs.	Rs.	%
Revenue	88,774,950	60,129,350	47.64	31,580,181	19,999,414		57.91
Direct Cost	(2,769,212)	(2,247,868)	23.19	(1,353,439)	(723,208)		87.14
Gross Profit	86,005,739	57,881,482	48.59	30,226,742	19,276,206		56.81
Other Income	2,211,987	2,993,040	(26.10)	1,110,936	1,527,539		(27.27)
	88,217,726	60,874,522		31,337,678	20,803,745
Administration Expenditure	(64,956,916)	(50,818,887)	27.82	(22,529,140)	(17,136,068)		31.47
Other Expenses				-	-
Results from Operating Activities	23,260,809	10,055,635	131.32	8,808,538	3,667,677		140.17
Finance Income	151,275,297	66,412,123	127.78	11,849,941	13,047,071		(9.18)
Finance Cost	(50,137,719)	(248,205)	20,100.12	(24,166,344)	(163,197)		14,708
Net Finance Income / (Costs)	101,137,578	66,163,918	52.86	(12,316,403)	12,883,874		(195.60)
Profit / (Loss) before Tax	124,398,388	76,219,553	63.21	(3,507,864)	16,551,551		(121.19)
Income Tax Expenses	(11,012,124)	(14,054,056)	(21.64)	(4,285,602)	(4,105,475)		4.39
Profit / (Loss) for the Year	113,386,264	62,165,497	82.39	(7,793,467)	12,446,076		(162.62)
Other Comprehensive Income
Items that will not to be reclassified to Profit or Loss
- Re-measurement of Employee Benefits	-			-
- Deferred Tax on Re-measurement of Employee Benefits	-			-
Total Other Comprehensive Income / (Expenses)	-	-		-	-
for the Year
Total Compehensive Income / (Expenses) for the Year	113,386,264	62,165,497	82.39	(7,793,467)	12,446,076		(162.62)
Profit / (Loss) attributable to:
Equity Holders of the Parent	104,135,717	55,074,367	89.08	(11,291,434)	9,978,401		(213.16)
Non-Controlling Interest	9,250,546	7,091,130	30.45	3,497,967	2,467,675		41.75
Profit / (Loss) for the Year	113,386,264	62,165,497	82.39	(7,793,467)	12,446,076		(162.62)
Total Comprehensive Income / (Expenses) attributable to:			89.08	(11,291,434)			(213.16)
Equity Holder of the Parent	104,135,717	55,074,367	9,978,401
Non-Controlling Interest	9,250,546	7,091,130	30.45	3,497,967	2,467,675		41.75
Total Comprehensive Income/(Expenses) for the Year	113,386,264	62,165,497	82.39	(7,793,467)	12,446,076		(162.62)
Earnings / (Loss) per Share	0.75	0.40		(0.08)	0.07

Figures in the brackets indicate deductions

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EAST WEST PROPERTIES PLC
COMPANY INCOME STATEMENT	9 Months ended 31st December	3 Months ended 31st December
	2022	2021	Change	2022	2021	Change
	Rs.	Rs.	%	Rs.	Rs.	%
Revenue	61,309,263	33,837,204	81.19	19,640,107	11,699,183	67.88
Other Income	1,622,957	996,993	62.79	521,906	381,954	36.64
	62,932,220	34,834,197		20,162,014	12,081,137
Administration Expenditure	(54,975,267)	(37,654,331)	46.00	(17,067,463)	(12,949,822)	31.80
Other Expenses	-			-	-
Results from Operating Activities	7,956,953	(2,820,134)	(382.15)	3,094,550	(868,685)	(456.23)
Finance Income	141,929,107	64,317,016	120.7	8,185,568	12,388,552	(33.9)
Finance Cost	(50,132,996)	(245,003)	20,362.20	(24,155,260)	(162,432)	14,771
Net Finance Income	91,796,111	64,072,013	43.3	(15,969,693)	12,226,120	(230.6)
Profit before Tax	99,753,064	61,251,879	62.9	(12,875,142)	11,357,435	(213.4)
Income Tax Expenses	(5,245,466)	(13,558,076)	(61.31)	(2,057,032)	(3,947,430)	(47.89)
Profit for the Period	94,507,598	47,693,803	98.2	(14,932,174)	7,410,005	(301.5)
Other Comprehensive Income
Items that will not to be reclassified to Profit or Loss
- Re-measurement of Employee Benefits	-	-		-	-
- Deferred Tax on Re-measurement of Employee Benefits
Total Other Comprehensive Income / (Expenses)	-	-		-	-
for the Period
Total Compehensive Income / (Expenses)for the Period	94,507,598	47,693,803	98.2	(14,932,174)	7,410,005	(301.5)

Earnings / (Loss) per Share	0.68

0.35

(0.11)0.05

Figures in the brackets indicate deductions

EAST WEST PROPERTIES PLC				3
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
	9 Months ended 31st December		Year ended
	2022	2021	31.03.2022
ASSETS	Rs.		Rs.		Rs.
NON - CURRENT ASSETS
Property, Plant & Equipment	174,320,997	178,706,558	178,682,562
Lease Hold Property	25,334,600	25,755,091	25,649,968
Investment Properties	1,213,911,083	504,895,891	1,209,012,060
Intangible Assets	22,452,583	22,452,583	22,452,583
Interest Bearing Loan	-	25,000,000	-
	1,436,019,263	756,810,123	1,435,797,173
CURRENT ASSETS
Inventories	2,204,713	2,204,713	2,204,713
Trade & Other Receivables	81,300,287	71,769,803	64,253,211
Amounts Due From Related Parties	58,004,646	73,465,872	62,851,419
Other Financial Assets	504,871,628	590,592,200	555,069,572
Short Term Investments	635,162,213	825,087,279	489,225,262
Cash & Cash Equivalents	17,092,775	252,060,743		16,228,945
TOTAL ASSETS	2,734,655,525		2,571,990,733	2,625,630,295
EQUITY AND LIABILITIES
Stated Capital - 138,240,000 Ordinary Shares	1,212,000,000	1,212,000,000	1,212,000,000
Capital Reserve	77,184,832	77,184,832	77,184,832
Revenue Reserve	1,312,499,932	1,129,454,197	1,208,364,215
Equity Attributable to Equity
Holders of the Parent	2,601,684,764	2,418,639,030	2,497,549,047
Non Controlling Interest	51,709,763	45,666,960		42,459,217
TOTAL EQUITY	2,653,394,527	2,464,305,990	2,540,008,264
NON - CURRENT LIABILITIES
Employee Benefits	6,396,111	8,404,545	6,396,111
Deferred Tax Liabilities	6,286,518	3,034,299	6,286,518
Rent Received in Advance	6,029,039	7,636,491	7,181,893
	18,711,668	19,075,335		19,864,521
CURRENT LIABILITIES
Trade & Other Payables	37,803,449	45,599,262	48,924,335
Amount Due to Related Parties	-	4,960,836	-
Rent Received in Advance	1,456,780	1,456,780	1,547,183
Income Tax Liabilities	23,289,101	14,067,408	13,236,977
Bank Overdraft	-	22,525,122		2,049,014
TOTAL EQUITY & LIABILITIES	2,734,655,525	2,571,990,733		2,625,630,295
Net Assets Value Per share	18.82	17.50	18.07

I certify that these financial statements are in compliance with the requirements of the companies Act No.7 of 2007.

Pushparaja Janani

Finance Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board.

Nahil Wijesuriya	Sunil AbeyRatne
Director	Director
15th February 2023
Colombo

4

EAST WEST PROPERTIES PLC

STATEMENT OF FINANCIAL POSITION - COMPANY

	9 Months ended 31st December	Year ended
	2022	2021	31.03.2022
ASSETS	Rs.	Rs.	Rs.
NON - CURRENT ASSETS
Property, Plant & Equipment	169,897,164	171,425,751	171,691,298
Lease Hold Property	25,334,600	25,755,091	25,649,968
Investment Property	1,213,911,083	504,895,891	1,209,012,060
Investments in Subsidiaries	39,445,672	29,584,254	39,445,672
Interest Bearing Loan	-	25,000,000	-
	1,448,588,519	756,660,987	1,445,798,999
CURRENT ASSETS
Trade & Other Receivables	52,805,631	50,133,410	41,542,504
Amounts Due From Related Parties	58,004,646	64,412,820	62,851,419
Other Financial Assets	504,871,628	590,592,200	555,069,572
Short Term Investments	557,648,463	772290279	432,292,262
Cash & Cash Equivalents	14,451,966	248,798,887	12,588,162

TOTAL ASSETS	2,636,370,853		2,482,888,583	2,550,142,917
EQUITY AND LIABILITIES
Equity
Stated Capital - 138,240,000 Ordinary Shares	1,212,000,000	1,212,000,000	1,212,000,000
Capital Reserve	77,184,832	77,184,832	77,184,832
Retained Earnings	1,275,672,656	1,089,054,952	1,181,165,058
TOTAL EQUITY	2,564,857,489		2,378,239,785	2,470,349,891
NON - CURRENT LIABILITIES
Employee Benefits	5,471,818	7,083,893	5,471,818
Deferred Tax Liabilities	5,844,373	4,960,874	5,844,373
Rent Received in Advance	6,029,039	7,636,491	7,181,893
CURRENT LIABILITIES
Trade & Other Payables	34,786,634	42,453,374	46,394,746
Amount Due to Related Parties	1,884,852	4,960,836	-
Deposits & Advances Received	1,547,183	1,456,780	1,547,183
Income Tax Liabilities	15,949,466	13,571,428	11,304,000
Bank Overdrafts	-	22,525,122	2,049,014
TOTAL EQUITY & LIABILITIES	2,636,370,853		2,482,888,583	2,550,142,917
Net Assets Value Per share	18.55		17.20	17.87

I certify that these financial statements are in compliance with the requirements of the companies Act No.7 of 2007.

Pushparaja Janani

Finance Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board.

Nahil Wijesuriya	Sunil AbeyRatne
Director	Director
15th February 2023
Colombo