Sri Lanka construction firm MTD Walkers sustains Rs1bn loss in Sept quarter
Nov 21, 2018 10:39 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Losses at Sri Lanka's MTD Walkers were flat from a year earlier at 1.1 billion rupees in the September 2018 quarter with falling revenue and rising finance expenses offsetting declining costs, interim accounts showed.
The construction firm reported a loss of 6.55 rupees a share in the quarter. In the six months to end September 2018, losses were 10.27 a share on a loss of 1.7 billion rupees, a 4 percent increase from the previous year, financial statements filed with the Colombo Stock Exchange showed.
MTD Walkers was trading 80 cents lower at 12.20 rupees Wednesday.
In the quarter, revenue fell 20 percent from a year earlier to 3.01 billion rupees, and cost of sales fell 26 percent to 3.02 billion rupees leading to gross loss declining 97 percent to 8.8 million rupees.
Other income rose 89 percent to 35.9 million rupees.
Administrative costs fell 23 percent to 295.9 million rupees and sales expenses declined 65 percent to 9.6 million rupees.
Net interest cost increased 80 percent to 1.1 billion rupees. Borrowings were 27.6 billion rupees at end September 2018, up 12 percent from a year earlier.
Retained losses in the company's balance sheet surged 413 percent from a year earlier to 4.1 billion rupees with shareholder funds attributed to equity holders falling 54 percent to 2.8 billion rupees.
Total assets amounted to 44.7 billion rupees, up 2 percent from a year earlier.
Segment results reported by MTD Walkers for the nine months to end September 2018 (despite P&L covering the quarter and six months) showed losses from construction deepening 4 percent from a year earlier to 1.7 billion rupees.
Losses from infrastructure construction increased 10 percent to 11 million rupees.
Earnings from trading fell a sharp 184 percent to 29.5 million rupees and marine engineering profits declined 56 percent to 10.5 million rupees.
Real estate profits fell 84 percent to 43 million rupees.
Losses from power generation fell 25 percent to 40 million rupees. (COLOMBO, 21 November 2018)