The recent acquisition of Amtrad Limited by Ascot Holdings PLC and the expansion of L & A Quarries (Pvt) Limited in the North of Sri Lanka had helped Ascot Holdings PLC to massively increase revenue by 134% and the profit after tax by 194% from the previous year in the year ended March 31, 2014, its Chairman Mohan Ratnayake has said in the annual report.
"Amtrad Limited will continue with the improvements to the main factory in Pasyala with the intention of further improving quality and the cost effectiveness of newer technology. We see an enormous potential in Amtrad considering the rapid development taking place in the country in the infrastructure and construction segment," Ratnayake said.
Ascot reported a 25% increase in its operating profit to Rs.92.6 million in the year under review while its pretax profit was up 89% to Rs.37.2 million and its attributable net profit by 86% to Rs.20.3 million resulting in an earnings per share of Rs.2.54 against Rs.1.36 a year earlier.
Ratnayake said that administrative cost had been held with a marginal increase of Rs.5 million by 10% despite the twofold increase in revenue.
Finance expenses too had been held at previous year’s level representing 16% of revenue against 37% of revenue the previous year.
"We have been successful in restructuring the financial liabilities of Ascot Developments (Pvt) Limited to match the cash flows of the company. In keeping with our focused strategic investments, we have been successful in gaining entry into the leisure sector to reap the benefits of the boom in the tourism industry," Ratnayake said.
He saw the year concluded as one of tremendous growth in the group and said that the Board will continue to invest and further expand on strategic investments to add to its portfolio.
The directors have not recommended the payment of any dividend for the year under review.
Ascot has a stated capital of Rs.92.4 million, revenue reserves of Rs.445.3 million and other components of equity of Rs.23.1 million in its books.
Total assets ran at Rs.1.34 billion and total liabilities Rs.710.7 million.
The main shareholders of the company are Axis Investments (Pvt) Limited (25.77%), St. Louis Capital (21.46%) and Mr. W.D.N.H. Perera (20.41%).
The company’s share with a book value of Rs.70.23, up from Rs.67.68 the previous year, traded at a high of Rs.169 and a low of Rs.93.50 closing at Rs.114. This compared with a trading range of Rs.220 to Rs.130 closing at Rs.157.30.
The directors of the company are: Messrs. R.M.M.J. Ratnayake (Chairman), A.G. Weerasinghe (Resigned on 15.02.2014), R.A. Iriyagolle, N.D. Gunaratne, D.J. Gunaratne, M.D.A. Weerasooriya, M.T.U. Mendis (w.e.f. 23.07.2014) and Ms. C.P.S. Bogollagama.
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"Amtrad Limited will continue with the improvements to the main factory in Pasyala with the intention of further improving quality and the cost effectiveness of newer technology. We see an enormous potential in Amtrad considering the rapid development taking place in the country in the infrastructure and construction segment," Ratnayake said.
Ascot reported a 25% increase in its operating profit to Rs.92.6 million in the year under review while its pretax profit was up 89% to Rs.37.2 million and its attributable net profit by 86% to Rs.20.3 million resulting in an earnings per share of Rs.2.54 against Rs.1.36 a year earlier.
Ratnayake said that administrative cost had been held with a marginal increase of Rs.5 million by 10% despite the twofold increase in revenue.
Finance expenses too had been held at previous year’s level representing 16% of revenue against 37% of revenue the previous year.
"We have been successful in restructuring the financial liabilities of Ascot Developments (Pvt) Limited to match the cash flows of the company. In keeping with our focused strategic investments, we have been successful in gaining entry into the leisure sector to reap the benefits of the boom in the tourism industry," Ratnayake said.
He saw the year concluded as one of tremendous growth in the group and said that the Board will continue to invest and further expand on strategic investments to add to its portfolio.
The directors have not recommended the payment of any dividend for the year under review.
Ascot has a stated capital of Rs.92.4 million, revenue reserves of Rs.445.3 million and other components of equity of Rs.23.1 million in its books.
Total assets ran at Rs.1.34 billion and total liabilities Rs.710.7 million.
The main shareholders of the company are Axis Investments (Pvt) Limited (25.77%), St. Louis Capital (21.46%) and Mr. W.D.N.H. Perera (20.41%).
The company’s share with a book value of Rs.70.23, up from Rs.67.68 the previous year, traded at a high of Rs.169 and a low of Rs.93.50 closing at Rs.114. This compared with a trading range of Rs.220 to Rs.130 closing at Rs.157.30.
The directors of the company are: Messrs. R.M.M.J. Ratnayake (Chairman), A.G. Weerasinghe (Resigned on 15.02.2014), R.A. Iriyagolle, N.D. Gunaratne, D.J. Gunaratne, M.D.A. Weerasooriya, M.T.U. Mendis (w.e.f. 23.07.2014) and Ms. C.P.S. Bogollagama.
www.island.lk
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