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Sri Lanka Access Engineering Dec quarter net flat

ECONOMYNEXT – Sri Lanka’s Access Engineering said December 2015 quarter net profit rose 2.6 percent to 545 million rupees from a year ago with modest growth in core construction earnings outpaced by that from a vehicle importing subsidiary.

Sales rose 2.8 percent to 4.2 billion rupees in the quarter, interim results filed with the stock exchange showed.

December quarter profit from its Sathosa Motors unit rose sharply to 250 million rupees from 174 million rupees while other income fell by almost half.

Earnings per share for the quarter were 54 cents. In the nine months to 31 December 2015 EPS rose to 1.83 rupees from 1.71 rupees.

In the nine month period, net profit rose 6.8 percent to 1.8 billion rupees while sales rose 10.6 percent to 13 billion rupees from the year before.

Access Engineering’s Horizon Holdings Venture and Horizon Knowledge City Limited units made losses.

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