NDB Capital Holdings records 932 mn profit at group level

NDB Capital Holdings PLC ("NCAP" or "the Company") recorded the best financial year of its history, outperforming both 2012 and 2006 results adjusted for the capital gains that resulted from the sale of stakes held in Aviva NDB Insurance PLC(in 2012) and Eagle Insurance Company Limited (in 2006). The NCAP Group’s consolidated income increased by 85% to Rs. 1,469Million during the year 2013 from Rs. 792 Million in 2012 (adjusted for Aviva capital gain).This translated to a Group bottom line ofRs. 932 Million, a year on year increase of 21% (adjusted 2012).

At the Company level, NCAP recorded an impressive revenue growth of 41%, increasing the total revenue to Rs. 784Million in 2013 from Rs. 556 Million (adjusted) in the previous year. Net profits too rose toRs. 681Million from Rs. 488million (adjusted), a rise of 40%. Profitability was mainly fueled by efficient asset allocation towards high yielding investments and tax efficient investment strategies.

The restructuring carried out at NDB Group in creating a pure capital markets play at NCAP, is gradually starting to show results with the improved ROE (adjusted 2012)at both company and Group level. The Group ROE increased to 16.1% for the financial year 2013 from 13.8% in 2012. In the same period, the Company improved its ROE from 10.3% to 12.8%. Looking back at the ROEs prior to the restructuring, the Group has shown a highly impressive turnaround with the consolidated ROE which stood at 7.0% in 2011 increasingto 16.1% by the end of 2013. The growth in Group profitability was supported by the strong performance of the fee based businesses which are carried out through NCAP’s subsidiaries,NDB Investment Bank Limited, NDB Securities (Pvt) Limited and NDB Wealth Management Limited.

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Hemas Holdings Chairman/CEO’s Review

It is with great pleasure that I present to you the results of the third quarter of 2013/14. Your company ended the quarter on a positive note with a revenue growth of 22.5% to reach Rs 23.7Bn, and an operating profit growth of 38.2% to post Rs 2.2Bn. Revenue growth was primarily driven by our Healthcare, FMCG and Transportation sectors which grew by 32.4%, 26.8% and 44.6%, respectively, while increase in earnings was led by Healthcare, FMCG and Power sectors which posted a growth of 23.2%, 6.7% and 29.6% respectively. The underlying earnings recorded a growth of 18.5% after adjustments for the performance of Thalawathugoda hospital, closure for refurbishment of Club hotel Dolphin and Hotel Sigiriya, and the capital gain arising from the transfer of Peace Haven land to a joint-venture with Minor International.

The FMCG sector ended the quarter on an encouraging note recording a revenue of Rs 7.2Bn a 26.8% growth over the previous nine months, while sector operating profits grew at 23.8% to record Rs. 660Mn. The sector’s personal care and personal wash categories were the main contributors to growth with Baby Cheramy, Clogard and Diva being the top performing brands. The sector’s eventful calendar continued with the re- launch of our hair care brand Dandex in October enhancing the product and packaging, with the objective of strengthening its proposition of being the leading anti-dandruff shampoo in the market. With the intention of creating a modern consumer appeal for the brand a new communication campaign ‘Hisata Nidahasa’ was launched via TV, radio and press advertisements. During the quarter our men’s grooming brand Pro Sport was re launched as PRO whilst our washing power brand Diva was re-launched with improved product and packaging. The sector is poised for an eventful quarter, with an active program of restaging key Brands to enhance appeal with consumers.

Our Healthcare sector recorded revenues of Rs 8.8Bn, a growth of 32.4% over the same period last year, whilst sector operating profit increased by an impressive 25.1% to reach Rs. 741Mn. Sector revenue was largely driven by the positive performance of our Pharmaceutical distribution business together with our new hospital at Thalawathugoda. Our Pharmaceuticals business posted an 18.9% growth in revenue, strengthening its market leadership position and increasing its market share to 19.2% (Source: IMS). The business recently finalized its purchase of a modern 35,000 square foot warehouse located on 180 perches of prime property in Elakanda, Wattala. Located closer to seaport and airport, the warehouse is equipped with all necessary facilities for regulatory compliance including cold storage and temperature controlled environments. This will further enhance capacity to accommodate future growth. Our hospitals at Wattala and Galle experienced a marginal improvement in both topline and bottom-line. Our new hospital at Thalawathugoda continued to see a steady pick-up in volumes driven by the local community and strengthened by the laboratory and theatre operations at the hospital. 

Our Leisure sector recorded a revenue of Rs. 891Mn and an operating profit of Rs. 53Mn for the nine months a 17.7% and a 78.8% decline, respectively. This was primarily due to the closure of Hotel Sigiriya and Club Hotel Dolphin for refurbishment during the period under review. Club Hotel Dolphin was reopened on 1st November 2013 after an extensive refurbishment and has since seen encouraging occupancy levels in excess of 80%, while Hotel Sigiriya was reopened earlier this year. During the quarter all our four hotels were awarded the ‘Travelife GOLD’ certification. ‘Travelife GOLD’ is an international certification developed by the travel industry to recognise the highest level of commitment of a travel partner towards sustainable travel practices. Avani Kalutara was bestowed the ‘Top Hotel 2014’ by Holiday Check, a popular e-travel site. With the availability of the Group’s full inventory and encouraging forward bookings, we are well positioned to compete with the new properties which are expected to enter the market going forward.

Transportation sector posted a revenue of Rs. 1.08Bn and an operating profit of Rs 335Mn, recording a growth of 44.6% and 25.1% respectively. Performance of the sector was largely driven by the aviation, transshipment and the logistics segments. Our new integrated logistics arm, Hemas Logistics celebrated the opening of its first container yard operation at Welisara in the month of November. Since its opening the yard operation has experienced a steady pick up in volumes, a trend we expect would continue into the next quarter. Sector performance was provided an additional boost with increasing transshipment volumes which contributed towards the improved profitability of the maritime segment.

Power sector recorded a marginal increase in revenue of 0.5% to post Rs. 4.4Bn largely impacted by the drop in generation at our thermal power plant Heladhanavi resulting from the continued curtailment imposed by the CEB at the beginning of the financial year. However, the impact was negated with the strong results from our hydro power sector which experienced higher rainfall around the catchment areas and by the increase in the avoided-cost-tariff during the year. The sector profitability was augmented by the notable performance of the hydro power assets held by Pan Asian Power PLC during the period under review.

The performance of our recent acquisition, J.L. Morison Son & Jones (Ceylon) PLC has been encouraging with the pharmaceutical distribution and manufacturing segment recording an impressive revenue growth of 14.8% year on year. This growth has supported the Company’s operating profit growth of 23.2%, despite a drop in revenue for the period ending 31st December 2014. Post-acquisition, management has been focusing on business integration to fall in line with Hemas policies, processes and systems, thereby gearing up the company for faster growth. The company which began operations in 1939 celebrated its 75th Anniversary on January 31st.

As we enter the last quarter, which is traditionally our best performing one, we remain optimistic of closing the year on high note.

Husein Esufally
Chairman/CEO
Colombo
February 12, 2014

Sri Lankan shares steady at 5-week closing low; foreigners buy amid concerns

Feb 13 (Reuters) - Sri Lankan shares ended steady on Thursday at their lowest close in five weeks ahead of central bank's policy rate decision, but foreigners bought the island nation's risky assets on a net basis after five straight sessions, though stockbrokers said foreign funds' exit is far from over.

Foreign investors bought a net 118.97 million rupees ($909,400) worth of shares on Thursday, after the market suffered a 4.62 billion rupees outflow in the previous five sessions as some offshore funds exited the market amid broader selloff from emerging markets.

The main stock index ended 0.02 percent down, or 1.09 points, at 6,083.39, its lowest close since Jan. 10. It has lost over 2.6 percent in the last eight sessions through Thursday.

The bourse has seen 3.11 billion rupees of foreign outflow so far in 2014, after enjoying a net inflow of 22.88 billion rupees last year

Analysts said the market is still concerned over further foreign outflows, which is largely due to foreign selloff in emerging markets with some offshore funds exiting with profits.

"Foreign selling is not completely over. Some of those funds that exit last week are still negotiating to sell some quantity. So the main concern is when this foreign selling would end," a stockbroker said on condition of anonymity.

The broader market expects the central bank to hold its key policy rates at multi-year lows at its announcement scheduled for Monday.

Analysts said local investors are active in the market after interest rates on treasury bills eased to multi-year lows, making fixed-income assets unattractive.

Top conglomerate John Keells Holdings Plc lost 1.46 percent, pulling the overall index down.

The index, however, has risen 2.89 percent so far this year, following a 4.8 percent gain in 2013. It fell in the previous two years.

The day's turnover was 665 million rupees, less than this year's daily average of about 1.22 billion rupees. The market has witnessed an average turnover of 1.71 billion rupees in the seven straight sessions through Tuesday, which analysts attributed to active buying by local investment funds and institutional investors.

Both stocks and currency markets will be closed for a Buddhist religious holiday on Friday. Normal trading will resume on Monday. ($1 = 130.8250 Sri Lanka rupees) (Reporting by Shihar Aneez and Ranga Sirilal; Editing by Anand Basu)

Sri Lanka stocks close lower

Feb 13, 2014 (LBO) – Sri Lanka stocks close 0.02 percent lower for the second consecutive day with diversified stocks losing ground, brokers said.

The Colombo benchmark All Share Price Index closed 1.09 points lower at 6,083.39, down 0.02 percent. The S&P SL20 closed 11.20 points lower at 3,325.76, down 0.34 percent.

Turnover was 665.01 million rupees, up from 548.63 million rupees a day earlier, with stocks of 76 firms closing in the red against 94 gainers.

JKH topped the turnover contribution with 133.83 million rupees of market transactions contributing to 20 percent of the total turnover.

The aggregate value of off market deals accounted for 20 percent of the daily market turnover.

JKH’s W0022 warrants closed 40 cents higher at 63.00 rupees and its W0023 warrants closed 1.00 rupee higher at 66.00 rupees, attracting most number of trades during the day.

Foreigners bought 226.99 million rupees worth shares while selling 108.02 million rupees of shares.

JKH closed 3.30 rupees lower at 222.00 rupees and Carson Cumberbatch ended 7.00 rupees lower at 350.00 rupees, contributing most to the index drop.

Distilleries closed 2.20 rupees lower at 215.00 rupees and Ceylon Tobacco Company closed 10.00 rupees higher at 1,250.00 rupees.

SLT closed 1.20 rupees higher at 42.50 rupees and Dialog closed 10 cents higher at 9.20 rupees.

Commercial Leasing and Finance closed 10 cents higher at 4.10 rupees and Cargills Ceylon closed 1.00 rupee lower at 147.00 rupees.

Bukit Darah ended 10 cents lower at 600.30 rupees and Nestle Lanka ended flat at 2,100.00 rupees.

Sri Lanka based First Capital plans Rs. 500 mn debt sale

First Capital Holdings Limited is planning to raise Rs. 500 million via a debenture issue.

The issue would be opened for public subscription early next month.

The company will issue 5 million, rated, senior, unsecured, redeemable debentures at an issue price of Rs. 100 each.

The debts once issued would be listed on the CSE.

The issue would be opened on the 4th of March.

First Capital is a firm engaged in structuring and placing of listed and unlisted corporate debt products and also acts as a primary dealer, wealth manager, unit trust and corporate finance firm.
www.news360.lk

Sri Lanka Treasuries yields mixed

Jan 11, 2014 (LBO) - Sri Lanka's short term Treasuries yields fell at Tuesday's auction from two weeks ago, but the 12-month yield was steady from a week earlier, data from the state debt office showed.

Last week bids for 3 and 6 month bills were rejected.

The 3-month yield was down 05 basis points to 6.77 percent and the 6-month yield was down 08 basis points to 6.92 percent from two weeks ago.

The 12-month yield was flat at 7.10 percent.

The debt office offered 12.0 billion rupees of bills for auction and accepted 20.8 billion in bids.

Sri Lanka Taj unit in losses amid refurbishment

Feb 13, 2014 (LBO) - Sri Lanka's Taj Lanka Hotels Plc, a unit of India's Taj Hotels and Resorts said it lost 118 million rupees in the December 2013 quarter as the hotel went through a refurbishment.

Revenues were down 34 percent to 355 million rupees, cost of sales fell 2 percent to 388 million rupees and there was a gross loss of 32 million rupees.

Taj Hotels said rooms were closed for refurbishment and only 70 units were available for sale up to October.

But in November 300 rooms were available for sale, with a 15.5 million US dollar first phase of a 20 million US upgrade being completed.

Expolanka profits up 53%

Ceylon FT: Diversified Expolanka Holdings reported a net profit of Rs 1.46 billion for the nine months ended December 2013, up 53% from a year ago, interim financial results showed.

Revenue grew 19% to Rs 41.9 billion and gross profit grew 8% to Rs 6.52 billion. Administrative expenses grew 10% to Rs 5.11 billion.

Group CEO, Hanif Yusoof, told shareholders that the freight and logistics sector reported a Rs 26 billion revenue, up from Rs 22.5 billion a year ago.

"In a challenging market environment, the sector was able to increase business volume in all segments, the results, however, were affected by pressure on margins stemming from core markets in India and Bangladesh.This affected the overall sector profit growth. We are encouraged by the performances of our new ventures in Hong Kong, China and USA," Yusoof said.

The travel and leisure sector saw revenue grow to Rs 2 billion, from Rs 1.4 billion a year ago.

The international trading and manufacturing sector reported a revenue of Rs 12.1 billion, up from Rs 9 billion a year ago.

During the period, Expolanka Holdings divested Expolanka Commodities (Pvt) Ltd, Lanka Premier Foods (Pvt) Ltd, Luxe Asia (Pvt) Ltd, and APIIT for a total consideration of Rs 1.1 Billion which recorded a gain of Rs 557 million. Expolanka Commodities (Pvt) Ltd, Lanka Premier Foods (Pvt) Ltd were divested for a total consideration of Rs 550 million to Aberdeen Holdings (Pvt) Ltd.
www.ceylontoday.lk

Laugfs Gas profits rise while selling expenses jump

By J. Kurukulasuriya
Ceylon FT: Laugfs Gas PLC reported an 82% jump in consolidated after tax profits to Rs 1,269 million for the nine months ended 31December 2013, as compared to the corresponding previous period, although selling and distribution expenses, and administration costs increased by 46% and 19% respectively.

The group incurred operating losses in the leisure and hospitality, property development and energy segments of its operations.

In the last three months of this period, profits were Rs 379 million, a 54% improvement.

Revenue had increased by 11% to Rs 8,792 million in the nine-month period, during which the company made reduced foreign exchange gains of Rs 22 million as compared to Rs 57 million previously. 92% of the group's revenue came from "trading of liquefied petroleum" while eight per cent was from "other services".

The percentage of ordinary voting and non-voting shares held by the public as at 31 December 2013 were 13.11% and 65.3% respectively.

The company has a stated capital of Rs 3,285 million, represented by 335 million ordinary shares and 52 million non-voting shares.

Apart from Laugfs holdings Ltd., with 68% of the ordinary shares, the Employees' Provident Fund is the largest shareholder with 35% of the non-voting shares and 17% of the ordinary shares. N. Radella and R. Radella together hold approximately 4% of the ordinary shares.

During the last quarter reported, the ordinary shares traded at a high of Rs 30.60 and a low of Rs 26.10, while the non-voting shares traded between Rs 19.80 and 22.10.
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Stock exchange targets $ 60-70 b market capitalisation in the next few years

By Cheranka Mendis
The Sri Lankan stock exchange is likely to hit $ 60-70 billion market capitalisation within the next few years, when the country reaches the anticipated $ 100 billion GDP in the economy.

Having studied stock exchanges across the world, the Central Bank of Sri Lanka (CBSL) has come to learn that when a country reaches a total GDP of around $ 100 billion, the country’s stock exchange will also reach 60-70% in value of that GDP, i.e. $ 60-70 million in market capitalisation.

The country is presently at $ 20 billion in market capitalisation, Central Bank Governor Ajith Nivard Cabraal said yesterday. “This indicates that we will have to move from $ 20 million to $ 60 million within the next few years. That is a challenge that we have.”
Sharing his thoughts at a award presentation of Securities and Exchange Commission’s (SEC) Capital Market Education, Training and Research (CEMET) division qualification programs, Cabraal noted that the country must now prepare to ensure that the economic thrust achieved so far is maintained over the next few years. A new trend is also now emerging, he expressed, a trend to push targets further until the maximum is achieved.

“The stock exchange will only now reflect what is taking place in the country’s economy. Very often there is a direct proportional basis between stock exchange and the economic GDP of the country. We are talking of reaching $ 100 billion economy within the next two to three years.”

He added: “Over the past few years work was done for us to get to where we are now. We need to maintain that. No longer are we comfortable with $ 200 million as investment. 

Last year we reached $ 1.5 billion; and yet this is not enough. That is a good sign. We should not be satisfied with whatever we achieve. We need to push ourselves to the next dimension.”

There is a constant stream of measures that has to be taken to ensure that the momentum is maintained and is sustainable.

He acknowledged that the markets have progressed well over the years, from 2004 when the market capitalisation of the Colombo Stock Exchange was only about Rs. 88 billion. 

Today there are many single companies which have market capitalisations which are lot more than Rs. 88 billion. In total, the market capitalisation of the entire market is said to be Rs. 2.5 trillion, Cabraal said – that shows how much the country has progressed over the last few years.

Similar extraordinary growths have been recorded from the increase in per capital income ($ 1,200 in 2004 to over $3,200 last year), drop in inflation and increase in FDIs among others.

On the infrastructure front too, the growth is a steady one.Cabraal announced that a new expressway connecting Galle and Matara will be commissioned next week. “The trip from Colombo to Matara will take only one hour and twenty minutes when this is completed,” he expressed, “There are many roads like that being constructed.”

The sentiment of the Central Bank on these trends is pure excitement, he said. “We at CBSL monitor as well as work through the entity of the financial market. The financial market is constituted with several segments – banks which accounts for 57%, financial company sector that accounts for 7%, stock exchange 10%, EPF 13%, CBSL 12%.”

“Those who learn about capital and bond markets are the future of the country. We see some interesting growth in all these over the next few years.”

Cabraal observed that the key to sustainable growth of the market is to keep abreast of everything taking place in the world economy in the next few years. “There will be new developments and jargon that will come, new ventures Sri Lanka will also move in to. 

New cash cows – the five hubs plus tourism will be multibillion dollar industries in the country. Those companies will also be floated in the stock exchange and quoted in the stock exchange and you will have the opportunity to get connected with those, do research, etc,” he said addressing the students receiving certificates last morning at the BMICH.

Securities and Exchange Commission (SEC) Chairman Dr. Nalaka Godahewa expressing his thoughts noted that 2014 is showing signs to indicate it being a good year for the market. 

“Sentiments are currently very good. 2014 is going to be a good year,” he said.

“For an economy to do well, businesses must do well, to do business well, governments, corporates all have to raise capital and to raise long term capital, capital market is the important sources,” Godahewa added. “For the development of the market financial literacy is very important. In the capital market businesses raise capital from the public and we need to advice the public correctly and safeguard the interests of the public – and for that, those in the industry must be fully literate.”

During the year 2013, CMET conducted various programs targeting different segments such as professionals employed in the financial sector, journalists and investors. Certificates of all successful students who have completed the programs were recognised at the annual award presentation ceremony yesterday.
www.ft.lk

Asian Alliance Insurance profit surges to 362 m

Asian Alliance Insurance PLC (AAI) is pleased to announce that profit after tax for the company surged to Rs. 362 million for the financial year ended December 2013. This performance substantially exceeds the result achieved for the previous year of Rs. 73 million.

Asian Alliance Insurance is part of the Financial Services Sector of the Softlogic Group and has developed a comprehensive business strategy that is based on the promising outlook for the insurance industry and positive fundamentals of the Sri Lankan economy. The performance for 2013 is a reflection of the careful execution of the business plan that is now firmly in place and has set up the Company on a trajectory of exceptional profitability and stable growth.

The company has posted stellar top line growth recording Gross Written Premium of Rs. 4.07 billion for 2013, which is a growth of 26% compared to the previous year with Life Premiums increasing 24% to record Rs. 2.5 billion and General Insurance Premiums increasing 31% to Rs. 1.5 billion.These growth rates are well above the industry standards where Life growth as at 3rd quarter 2013 was 9.5% and General Insurance growth was 9.1% for the full year.

The results for 2013 also saw Net Earned Premium growing by 35% to Rs. 3.24 billion whilst Total Net Revenue increased by 48% to Rs. 4.23 billion. Total Assets of the company were Rs. 7.47 billion as at December 2013 and had increased by 28% from Rs. 5.89 billion the previous year. Equity and reserves of the company have also recorded a healthy increase to reach Rs. 1.83 billion increasing by 25% versus the previous year. Policy Holders Funds as at end December were Rs. 4.85 billion and had grown by 30% compared to the previous year.

Commenting on the results for the year, Chairman of Asian Alliance Insurance PLC, Ashok Pathirage said: “We are continuing to enhance the business and are in the process of bringing in further resources that will be required to take the company to the next level. 

We are therefore greatly encouraged with the performance of the company during 2013 and believe that immense value can be expected by all stakeholders as we move forward in executing our plans.”

Asian Alliance Insurance PLC is held by Softlogic Capital PLC and is part of the Softlogic Group, which is recognised as one of Sri Lanka’s most diversified and fastest-growing conglomerates, with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company also include FMO and DEG that are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany respectively.
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SEC extends Adam’s mandatory offer owing to Senthilverl’s competitive bid

The Securities and Exchange Commission (SEC) has allowed Adam Investment Ltd. to extend its mandatory offer on Orient Garments PLC (OGL) following the competitive bid by shareholder Director Dr. T. Senthilverl.

Adam Investments made its original mandatory offer of Rs. 8 per share on OGL on 17 December 2013.

The company announced that it has received regulatory approval to extend the given offer period beyond the stipulated period of 60 days due to the competitive mandatory offer announcement made by Dr. T Senthilverl to the market on 11 February 2014, until the mandatory offer of Dr. Senthilverl to the remaining shareholders of OGL closes. 

Senthilverl’s offer will be at Rs. 8.50 per share following his purchase of 15.3% stake on Monday increasing the overall holding to 37.9%.

Since Adam has not received more than 50% of the voting rights of OGL, the offer is not unconditional as to acceptance in terms of Rule 19 of the Takeovers and Mergers Code.

It was further stated that a shareholder who has accepted the offer shall be entitled to withdraw his acceptance in any case after 12 February 2014.

The closing date of the offer will be announced to the market in due course.

The original mandatory offer was extended previously by 14 days from 22 January due to the delay of OGL in forwarding the views and advice of Board and the Independent Advisor’s Report.
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JKH starts work on Waterfront project

John Keells Holdings (JKH) Group has started work on the $ 650 million integrated resort Waterfront Properties Ltd., the country’s largest private sector investment.

JKH subsidiaries John Keells (JKL) and Ceylon Cold Stores (CCS) announced yesterday that Waterfront Properties Ltd. (the project company) has informed the companies that several of the requisite approvals for the project have been obtained and that a decision has been taken to commence work on the project.

Consequently, JKL and CCS have transferred the freehold land occupied by the companies at Glennie Street, Colombo 2 to the project company in consideration of Rs. 1.916 billion and Rs. 5.393 billion respectively of equity in the project company based on valuations received and approved by the Board of Directors on 10 July 2013.
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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.

www.ft.lk