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Construction, real estate push Sri Lanka’s Access Engineering Sept net up 106-pct

ECONOMYNEXT- Profits at Sri Lanka’s Access Engineering Plc grew 106.2 percent from a year earlier to 630.6 million rupees in the September 2018 quarter boosted by earnings from construction and real estate, interim accounts showed.

The earnings per share for the quarter were 0.63 rupees. For the six months to end September, earnings per share were 1 rupee on a profit of 995.6 million rupees, up 10.7 percent from a year earlier, according to interim results filed with the Colombo Stock Exchange.

The stock was trading 40 cents higher at 16.20 rupees Thursday.

In the September quarter, revenue grew 13.9 percent from a year earlier to 7.8 billion rupees, while cost of sales increased 8.3 percent to 6.5 billion rupees leading to gross profits growing 51.6 percent to 1.3 billion rupees.

Other income grew 363.3 percent to 133.2 million rupees.

Net finance costs grew 91.1 percent to 177.6 million rupees.

The group asset base grew to 45.8 billion rupees at end-September, up from 44.4 billion rupees at the start of the year.

Long-term borrowings remained flat over the 6-month period at 5.1 billion rupees, while short-term borrowings fell to 3.6 billion rupees from 3.9 billion rupees.

In the segment results for the first six months, construction was the largest, with profits up 40.5 percent from a year earlier to 809.2 million rupees with revenue up 8.4 percent to 7.7 billion rupees.





Profits from the property segment grew 170 percent to 391.3 million rupees with sales up 159.5 percent to 383.5 million rupees.

Construction material trading profits were up 121.6 percent to 240.7 million rupees with revenue up 33.5 percent to 1.5 billion rupees.

Automobile segment profits fell 66.8 percent to 79.7 million rupees despite revenue growing 7.9 percent to 4.1 billion rupees. (COLOMBO, 14 November 2018)


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