Access Engineering records phenomenal 53% growth in 1H bottom line

Friday, 8 November 2013 06:52 - - {{hitsCtrl.values.hits}}

Releasing its financial statements to the Colombo Stock Exchange, Access Engineering announced that earnings attributable to equity at Group and Company level were Rs. 1,209 million and Rs. 1,097 million in the first half – a phenomenal growth of 49% and 53% respectively. The turnover for the first half stood at Rs. 7,257 million and Rs. 6,007 million at Group and Company level respectively which was a growth of 20% and 26% over the corresponding period of the previous year. At group level, the Company’s 84%-owned subsidiary Sathosa Motors PLC and fully-owned subsidiary Access Realties Ltd. have contributed Rs. 1,177 million and Rs. 94 million respectively

to the top line in the first half. This top line growth resulted in a pre-tax profit of Rs. 1,422 million and Rs. 1,239 million respectively at Group and Company level, which was an impressive growth of 46% and 49%. The total asset base of the Group stood at Rs. 18,279 million. Equity attributable to owners of the Company was Rs. 13,445 million at the Group level, which translates into a net asset per share of Rs. 13.45. The Earnings per Share for the first half of Rs. 1.22 and Rs. 1.10 at the Group and Company levels were an impressive growth 49% and 53% respectively compared to the corresponding period of the last year. Reaffirming its status as a leading enterprise in the construction and engineering industry, Access Engineering PLC is well positioned to take advantage of the accelerated infrastructure development presently taking place in the country. The confirmed order book for the next two to three years and the very attractive project pipeline available more than justifies the company’s investment program to build capacity and ensure sustainable growth. The Board of Directors of AEL comprises of Sumal Perera (Chairman), Christopher Joshua (Managing Director), Rohana Fernando (COO), Shevantha Mendis, Dharshana Munasinghe, Ranjan Gomez, Professor Malik Ranasinghe, Niroshan Gunarathna and Alexis Lovell.