Sri Lanka Access Engineering June net up 10-pct
ECONOMYNEXT – Sri Lanka’s Access Engineering said June 2015 quarter net profit rose 10 percent to 600 million rupees from a year ago, driven large by earnings from its motor vehicle sales unit.
Sales of the construction group rose 25 percent to 4.2 billion rupees in the June quarter from a year ago with a sharp rise seen in other income, a stock exchange filing said.
Earnings per share rose to 60 cents in the June 2015 quarter from 54 cents the previous year.
Profits from construction actually fell during the quarter. Earlier this year the government cancelled an airport runway repair contract given to the firm.
But profit from its Sathosa Motors subsidiary, which holds the franchise in Sri Lanka for Isuzu Motor vehicles, doubled to 86 million rupees from the year before. (Colombo/August 11 2015)