Access Engineering posts solid performance in FY15

Access Engineering PLC released its unaudited results for the financial year 2014/15 to the Colombo Stock Exchange on 22 May.

Accordingly, turnover at the Company level for the year ended 31 March 2015 was recorded at Rs. 11.2 b with an after tax profit attributable to shareholders of Rs. 1.8 b.

Top line for the fourth quarter of 2014/15 FY was recorded at Rs. 2.5 b with a corresponding profit of Rs. 316 m. During the quarter under review the Company further expanded its operations overseas with the opening of its East Africa Branch Office.

At the Group level, turnover for the year was recorded at Rs. 16.4 b with an after tax profit of Rs. 2.5 b. During the year under review the Company’s 100%-owned subsidiaries Access Realties Ltd. and Access Projects Ltd. have contributed approximately Rs. 312 m and Rs. 156 m respectively to the bottom line.

The Company’s 84%-owned subsidiary Sathosa Motors PLC has contributed Rs. 278 m to the bottom line while the contribution from its 30% Associate undertaking, ZMPC Lanka Ltd., amounted to approximately Rs. 12 m.

The total asset base of the Group stood at Rs. 22.67 b with approximately Rs. 2.9 b held in short-term deposits and cash. Equity attributable to owners of the Company of Rs. 16.3 b at the Group level translates into a net asset per share of Rs. 16.3, a growth of approximately 10% since 31 March 2014. During the year the Company also invested approximately Rs. 714 m in building its capacity.

The Board of Directors of AEL comprises Sumal Perera (Chairman), Christopher Joshua (Managing Director), Rohana Fernando (COO), Shevantha Mendis, Dharshana Munasinghe, Ranjan Gomez, Dilhan Perera, Professor Malik Ranasinghe, Niroshan Gunarathna and Dinesh Weerakkody.