ECONOMYNEXT - Sri Lanka's Access Engineering Plc, a construction group, said profits in the December quarter 2016 rose 15 percent from a year earlier to Rs629.95 million, despite a higher tax bill.
The group reported earnings of 0.63 cents per share for the quarter. In the nine months to December, Access reported earnings of Rs1.87 per share on total profits of Rs1.87 billion, marginally up from Rs1.82 billion.
Access said revenues rose 24 percent to Rs5.29 billion in the December quarter and cost of sales also rose 24 percent to Rs5.29 billion, while the group grew gross profits 32 percent to Rs1.36 billion.
But the income tax bill rose sharply to Rs279 million from Rs96.4 million, which the firm said was due to deferred taxation.
Access has invested Rs2.2 billion in Hotel 10, a leisure project in Colombo, after the balance sheet date.
The group reported earnings of 0.63 cents per share for the quarter. In the nine months to December, Access reported earnings of Rs1.87 per share on total profits of Rs1.87 billion, marginally up from Rs1.82 billion.
Access said revenues rose 24 percent to Rs5.29 billion in the December quarter and cost of sales also rose 24 percent to Rs5.29 billion, while the group grew gross profits 32 percent to Rs1.36 billion.
But the income tax bill rose sharply to Rs279 million from Rs96.4 million, which the firm said was due to deferred taxation.
Access has invested Rs2.2 billion in Hotel 10, a leisure project in Colombo, after the balance sheet date.
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