Sri Lanka's Access Engineering net up 13-pct
Aug 09, 2017 08:23 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka's Access Engineering Plc said profits rose 13.2 percent to 593 million rupees in the June 2017 quarter from a year earlier, amid higher interest costs and lower taxes.
The group reported earnings of 59 cents per share for the quarter. The stock closed at 26.60 rupees, down 10 cents, on Wednesday.
Revenues for the quarter rose 13 percent to 5.25 billion rupees, costs rose at a faster 14.8 percent to 4.0 billion rupees and gross profit grew at a slower 7.2 percent to 1.18 billion rupees. Finance costs rose to 51 million rupees from 11 million rupees.
Income tax fell to 152 million rupees from 228 million rupees, helping the bottom line. Construction firms that were taxed at 12 percent are due to be taxed at 28 percent from next year. (Colombo/Aug09/2017)