Access Engineering bottom line up 27% to Rs. 2.09 b

Access Engineering PLC yesterday announced that earnings attributable to equity at group and company level were Rs. 2,091 million and Rs. 1,871 million in the first nine months, a phenomenal growth of 27% and 26% respectively.

The turnover for the same period stood at Rs. 11,997 million and Rs. 9,721 million at group and company level respectively which was a growth of 22% and 21% over the corresponding period of the previous year. 

Revenue for the quarter ended 31 December 2013 recorded a growth of 24% and 15% at the group and company level while growth in earnings for the quarter stood at 5% at the group level.

At group level, the company’s 84%-owned subsidiary Sathosa Motors PLC and the fully-owned subsidiary Access Realties Ltd. have contributed Rs. 244 million and Rs. 99 million respectively to the bottom line.

The company’s 30% owned Associate ZPMC Lanka Company Ltd., which commenced operations in September 2013, contributed Rs. 6 million to the bottom line in the quarter.

The total asset base of the group stood at Rs.18, 698 million. Equity attributable to owners of the company of Rs. 14,067 million at the group level translates into a net asset per share of Rs. 14.07. The Earnings per Share for the nine months of Rs. 2.09 and Rs.1.87 at the Group and company levels recorded an impressive growth 27% and 26% 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 company was recognised as one of the ‘10 Best Corporate Citizens for the Year 2013’ by the Ceylon Chamber of Commerce and as the ‘Overall Winner’ at the ‘National Business Excellence Awards 2013’ organised by the National Chamber of Commerce.

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 Alexis Lovell.

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