Sri Lanka’s Access Engineering Sept quarter net up 5-pct

ECONOMYNEXT – Sri Lanka’s Access Engineering PLC said September 2016 quarter group net profit rose 5% to Rs719 million from a year ago, largely driven by its core construction business.

Sales rose 14.8% to Rs5.3 billion over the period, according to interim accounts filed with the Colombo stock exchange.

Access Engineering’s earnings per share for the September quarter rose to 72 cents from 68 cents the year before.

For the six months ending 30 September 2016, EPS fell to Rs1.24 from Rs1.28 the previous year with net profit down three percent to Rs1.2 billion and sales up marginally to almost Rs10 billion.

The group reported higher income tax costs in both the quarterly and six month periods.

September quarter profit growth came largely from Access Engineering’s construction business which has picked up with the government rviving projects initiated by the former regime that were put on hold pending cost evaluations.
But profit from its Sathosa Motors subsidiary fell despite an increase in sales.
(COLOMBO, Nov 04, 2016)

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