Ashok Leyland Sri Lanka unit December net profit up 81-pct

ECONOMYNEXT – The Sri Lankan unit of Ashok Leyland has reported a sharp rise in net profit for the December 2017 quarter, up 81% to Rs125 million from a year ago, with sales of buses increasing noticeably in recent months.

Interim results filed with the stock exchange showed total sales of the firm, a big supplier to the state-run Sri Lanka Transport Board, rose 59% to Rs4.3 billion during the period.

Earnings per share for the December 2017 quarter were Rs34.54 up from Rs19.03 a year ago.

EPS for the nine months to December 2017 were Rs95.85.

According to JB Securities, Sri Lanka’s new registrations of buses had risen sharply in recent months. 

The number of buses registered during November 2017 were 402 units, slightly down from 416 units in October but significantly up from 217 units 12 months ago.

“There is a discernable increase in Lanka Ashok Leyland buses during the past 3 months. Finance share was 91.5% indicative that volumes are NOT being driven by institutional purchases,” the brokerage said in a report on vehicle registrations in November.

(COLOMBO, January 15, 2018)

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