Sri Lanka’s Access Engineering Plc records profit due to earnings from construction and real estate
Sri Lanka’s Access Engineering Plc has reportedly recorded a 106.2 percent increase in its profits from a year earlier to Rs. 630.6 million in the September 2018 quarter boosted by earnings from construction and real estate. The statistics have been reported the company’s interim accounts, the local media reported.
The earnings per share for the quarter were Rs. 0.63. For the six months to end September, earnings per share were 1 rupee on a profit of 995.6 million rupees, up 10.7 percent from a year earlier, the company has stated in its interim results that have been filed with the Colombo Stock Exchange.
The stock was trading 40 cents higher at Rs. 16.20 on Thursday.
In the September quarter, revenue had grown 13.9 percent from a year earlier to Rs. 7.8 billion, while cost of sales had increased 8.3 percent to Rs. 6.5 billion leading to gross profits growing 51.6 percent to Rs. 1.3 billion.
According to reports, other income has grown 363.3 percent to Rs. 133.2 million.
Net finance costs have reportedly grown 91.1 percent to Rs. 177.6 million.
Reports further state that the group asset base had grown to Rs. 45.8 billion at end-September, up from Rs. 44.4 billion at the start of the year.
Long-term borrowings had remained flat over the 6-month period at Rs. 5.1 billion, while short-term borrowings fell to Rs. 3.6 billion from Rs. 3.9 billion.
In the segment results for the first six months, construction was the largest, with profits up 40.5 percent from a year earlier to Rs. 809.2 million with revenue up 8.4 percent to Rs. 7.7 billion, reports state.
Profits from the property segment grew 170 percent to Rs. 391.3 million with sales up 159.5 percent to Rs. 383.5 million.
Construction material trading profits were up 121.6 percent to Rs. 240.7 million rupees with revenue up 33.5 percent to Rs. 1.5 billion, reports have added.
OSL take:
The profits recorded by Sri Lanka’s Access Engineering Plc indicate the growth and strength of Sri Lanka’s real estate and construction sectors. The profits recorded by Access Engineering would undoubtedly encourage foreign construction companies to explore business opportunities in Sri Lanka’s real estate and construction industries.
| Article Code : | VBS/AT/20181119/Z_2 |