Sri Lanka’s Access Engineering records Rs.1.6Bn PAT for nine months

Feb 13, 2019 (LBO) -  Access Engineering PLC, releasing its interim financial statements for the nine months December, 31 2018 said the company has recorded an impressive after tax profit of 1.66 billion rupees at Group level with a YoY increase of 43 percent. For the quarter ended December 31, 2018 the Group recorded a profit after tax of 640 million rupees, a significant YoY growth of 124 percent against the 3rd quarter of 2017/18. At the Company level after tax profit for the 9 months and the quarter was recorded at 1.56 billion rupees and 542 million rupees respectively. Consolidated revenue for the 9 months and the quarter was recorded at Rs. 21.57 billion and Rs. 7.95 billion respectively with corresponding YoY growth levels of 13% & 15%. At the Company level turnover recorded was Rs. 13.81 billion and Rs. 5.16 billion for the cumulative period and the quarter. For the cumulative revenue the contribution of construction was 58% while the automobile segment, sale of construction related material and the property sector contributed 29%, 10% & 3% respectively. Gross profit for the quarter was recorded at Rs. 1.32 billion and Rs. 938 million at Group & Company level respectively with corresponding margins of 17% & 18%. For the cumulative period gross margin was recorded at 17% & 16% at Group & Company level respectively. As at December 31, 2018, the total asset base of the company amounted to Rs 47.96 billion and Rs 34.55 billion at Group and Company level respectively. The equity attributed to the owners of the company was recorded at Rs 22.16 billion at the Group level while it was Rs 19.15 billion at Company level.