The Companys’ core business is in real estate development and generating rental income from a commercial warehousing complex in Peliyagoda.
This is the group structure,
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The most current development project under the subsidiary, Weligama Hotel Properties Ltd is the
construction of Sri Lanka’s first Marroitt Resort & Spa Hotel located in Weligama.
The development consists of 198 rooms with a gross built up area of 350,000 sqft. The Project is due to be completed mid 2017.
December quarter report shows revenue drop YoY
Finance cost has sky rocketed with increased borrowings resulted in big negative EPS for the quarter.
Rising interest rate is negative for the company in coming quarters.
Executive chairman of the company has purchased 22Mn shares on Aug 2016
Also another Director has purchased 70000 on Jan 2017
Fundamentally EAST has not performed well for a good price appreciation.
As stated above completion of Marroitt hotel project during 2017 can give a boost to share price on speculation ground.
Technically I found 11-12 as good support level.
A worth share for a trader to keep an eye.
Good luck.
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