Sri Lanka Access Engineering’s profits down

COLOMBO (EconomyNext) – Sri Lankan construction firm Access Engineering’s March 2015 quarter net profit fell 11 percent to 660 million rupees from a year ago with annual profit also down.

A stock exchange filing said sales rose 4.5 percent to 4.59 billion rupees during the quarter from the previous year

Earnings per share for the quarter were 66 cents compared with 74 cents a year ago.

In the financial year ending 31 March 2015 Access Engineering’s EPS fell to 2.37 rupees with net profit down 16.2 percent to 2.37 billion rupees while sales were almost flat at 16.4 billion rupees.

Sri Lanka’s new government, formed after the January 8, 2015 presidential poll, in March cancelled an 85 million US dollar contract to repair the runway at the island’s international airport at Katunayake awarded to Access by the former regime.

The government said Access had no experience for the work.

But the company countered by saying the runway repair contract was awarded to it after local contractors were encouraged to bid to acquire expertise despite not having experience.

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