MTD Walkers 1Q bottom line up by an impressive 96%

Tuesday, 19 August 2014 02:46 - - {{hitsCtrl.values.hits}}

MTD Walkers PLC posted a net profit of Rs. 370 million, recording an impressive growth of 96% for the first quarter FY 2014/2015 when compared to the first quarter of the previous financial year. Group revenue for the period grew by 76% to Rs. 3.3 billion.

Due to the drop in the market lending rates and the introduction of an effective financial management policy, the Group was able to reduce its finance cost by 4.7% for 1Q when compared with the previous year whilst the earnings per share for the three months ended June 2014 was Rs. 2.46. Commenting on this record-breaking performance, MTD Walkers’ Group Executive Deputy Chairman Jehan Amaratunga said: “MTD Walkers was able to achieve this milestone by capitalising on the synergies between the Group’s subsidiary companies. We have effectively harnessed the Group’s expertise to become a fully integrated infrastructure and engineering solutions provider within Sri Lanka’s rapidly growing construction sector.” Amaratunga added: “While the Group’s focus on service delivery and expertise was a significant competitive advantage in growing the order book to attract large-scale projects, we will in the future continue to remain focused in order to ensure that all our stakeholders benefit from our underlying philosophy of timely delivery of quality, responsibly.”