Sri Lanka Access Engineering profits down 20.8-pct in Sept quarter

Access Engineering

ECONOMYNEXT- Sri Lankan construction firm Access Engineering Plc’s net profits for the September 2019 quarter fell 20.8 percent to 493.3 million rupees from a year earlier on lower operating income, interim results showed.

Earnings per share for the quarter were 50 cents, the firm’s quarterly financial statements said. The Access Engineering share was trading 10 cents lower at 21.80 rupees on Friday.

Revenue for the quarter was down 15.2 percent to 6.6 billion rupees from a year earlier, while cost of sales fell 14.4 percent to 5.5 billion rupees, and gross profits were down 18.9 percent to 1.0 billion rupees.

Other income fell 23.3 percent to 163.9 million rupees.
Net finance costs fell 36.4 percent to 112.9 million rupees from a year earlier.

Operating profits were lower at 28.4 percent to 756.8 million rupees from a year earlier.

Long-term borrowings of the firm remained unchanged at 5 billion rupees in September 2019 from 5.1 billion rupees at the start of the financial year in March, while short-term debt grew to 4.6 billion rupees from 3.6 billion rupees.

For the six months of the 2019 financial year, Access Engineering’s net profits fell 20.4 percent to 789 million rupees from a year earlier, while earnings per share was 79 cents.

Revenue was down 11.02 percent to 12.12 billion rupees while the cost of sales were down 9.2 percent to 10.2 billion rupees and gross profits fell 19.2 percent to 1.88 billion rupees.

After tax profits for the construction segment for the period were up 7.60 percent to 870 million rupees while revenue was up 1.26 percent to 7.95 billion rupees.

Property segment after tax profits fell 20.1 percent from a year earlier to 312.6 million rupees, while revenue was up 4.47 percent to 435.5 million rupees.

The automobile segment, hit by state import taxes and credit limits, saw profits fall 74.8 percent to 20.1 million rupees, while revenue fell 42.7 percent to 2.4 billion rupees. (Colombo/Nov15/2019)