Sri Lanka Access Engineering net up 116.5-pct in December

ECONOMYNEXT- Sri Lankan construction firm Access Engineering Plc’s net profits for the December 2018 quarter grew 116.5 percent to 659.3 million rupees from a year earlier on construction and property sales, the company said.

Earnings per share for the quarter were 66 cents, the firm’s quarterly financial statements said. The Access Engineering share was trading 20 cents higher at 14 rupees on Friday.

Revenue for the quarter was up 15 percent to 7.9 billion rupees from a year earlier, while cost of sales grew 11.3 percent to 6.6 billion rupees, and gross profits were up 37.9 percent to 1.3 billion rupees.

Other income was up 636 percent to 194.2 million rupees.

Net finance costs grew 56.8 percent to 186.4 million rupees from a year earlier.

Long-term borrowings of the firm fell to 5 billion rupees in December 2018 from 5.1 billion rupees at the start of the financial year in April, while short-term debt grew to 4.5 billion rupees from 3.9 billion rupees.

For the nine months of the 2019 financial year, Access Engineering’s net profits grew 37.5 percent to 1.7 billion rupees from a year earlier, while earnings per share was 1.65 rupees.

Revenue was up 13.3 percent to 21.6 billion rupees while cost of sales were up 11.9 percent to 17.9 billion rupees and gross profits grew 20.6 percent to 3.7 billion rupees.

After tax profits for the construction segment for the nine months were up 83.2 percent to 1.3 billion rupees while revenue was up 17.5 percent to 12.5 billion rupees.

Property segment after tax profits grew 90.8 percent from a year earlier to 537.3 million rupees, while revenue was up 61.7 percent to 543.1 million rupees.





The automobile segment, hit by state import taxes and credit limits, saw profits fall 94.2 percent to 20.8 million rupees, while revenue grew 2.2 percent to 6.3 billion rupees. (Colombo/Feb08/2019 – SB)



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