Access Engineering says making steady progress

Monday, 9 February 2015 00:18 - - {{hitsCtrl.values.hits}}

Access Engineering Plc said on Friday in a statement that the Company was making steady progress with satisfactory results for the third quarter and first nine months. It said turnover at Company level for the qua

rter ended 31 December 2014 was recorded at Rs. 2.38 b. Turnover for the nine months at company level recorded at Rs. 8.78 b is a drop of 10% compared to the corresponding period of the previous year. This is due to the progress of some of the construction work carried out by the company being hampered by delays. Turnover for the quarter and the nine months at Group level stood at Rs. 4.12 b and Rs.11.84 b respectively. Profit attributable to owners of the Company during the quarter at Company and Group level were Rs. 317 million and Rs. 531 million respectively. During the cumulative period up to 31December 2014, the Company recorded earnings to owners amounting to Rs.1.46 b and Rs. 1.71 b respectively at Company and Group level. During the quarter under review the Company invested in 80% of the equity of Access Projects Ltd. for a consideration of Rs.1 b. Access Projects Ltd. contributed approximately Rs. 86 million to the Group’sbottom line during the quarter. The Company’s 84%-owned subsidiary Sathosa Motors PLC and fully-owned subsidiaryAccess Realties Ltd. have contributed approximately Rs. 132 million and Rs. 112 million respectively whilst the 30%-owned associate ZPMC Lanka Ltd. contributed Rs. 9.5 million to the bottom lineduring the nine months under review. The total asset base of the Group stood at Rs.22.26 b.Equity attributable to owners of the Companyof Rs. 15.62 b at the Group level translates into a net asset per share of Rs.15.62, a growth of 5% since 31March 2014. The Board of Directors of AEL comprises Sumal Perera (Chairman), Christopher Joshua (Managing Director), Rohana Fernando (COO), ShevanthaMendis, DharshanaMunasinghe, Ranjan Gomez, Dilhan Perera, Professor Malik Ranasinghe, NiroshanGunarathna and Dinesh Weerakkody.

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