Sat, 15 May 2021 Today's Paper

MTD Walkers 4Q net down; full-year profits surge over 80%

28 May 2015 04:19 am - 0     - {{hitsCtrl.values.hits}}

A A A

Integrated infrastructure and engineering solutions provider MTD Walkers PLC posted a net profit of Rs.44.5 million for the quarter ended March 31, 2015 (4Q15), down 52 percent from a year ago, the financial accounts released to the Colombo Stock Exchange showed. 

Earnings per share (EPS) fell to 27 cents from 80 cents a year ago.

The company recently forayed into the real estate sector by acquiring the Board of Investment-registered local unit of the Malaysian property development company, Wincon Development Ceylon (Private) Limited, for Rs.2.2 billion in a 100 percent cash transaction. 

“Acquiring this through the Rs.2.4 billion rights issue completed in 4Q15 has completely restructured our balance sheet and we are now ready to support our planned diversification strategy in property development and marine engineering,” said Executive Deputy Chairman Jehan Amaratunga.

MTD Walkers is believed to be the country’s only infrastructure developer with the ability to perform the entire spectrum of infrastructure development activities through its seven subsidiaries, specialized in civil, mechanical and electrical engineering work, pilling, construction and power generation.

MTD Walkers is the seventh oldest company in Sri Lanka, which has been in operation since 1954. 

Meanwhile, for the financial year ended March 31, 2015, the group increased its net profit by as much as 82 percent to Rs.871.7 million with the EPS increasing to Rs.5.20 from Rs.4.19 a year ago. 

The top line grew by 39 percent to Rs.14 million while the cost of sales rose at the same pace to Rs.11.1 billion resulting in a gross profit of Rs.2.9 billion, up 38 percent. The gross profit margin was 20.7 percent, a slight reduction from 20.9 percent last year. 

However, the net profit margin rose to 8.2 percent from 6 percent. 

Other incomes however declined 68 percent to Rs.24.4 million. 

Further, the administrative expenses increased by 18 percent to Rs.953.9 million while the sales expenses rose by 99 percent to Rs.73.3 million. 

Despite the rise in both short and long-term borrowings by Rs.3.7 billion during the year, the group managed to reduce the finance cost by 9 percent to Rs.674.5 million, probably as a result of replacing the high-cost borrowings via low-cost borrowings under the low interest rate environment. 

However, the full-year impact of the additional borrowings could be reflected in the next year’s financial statements as Rs.1.8 billion out of the total additional borrowings is from bank overdrafts. 

The segmental reporting shows the power generation segment turning in a loss of Rs.126.6 million from a net profit of Rs.93.3 million last year. 

The segment designated as ‘investment’ increased its losses to Rs.334.3 from Rs.176. 9 million a year ago. 

As of March 31, 2015, MTD Capital Bhd held a 90.78 percent stake in the company. 
See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Between an Ego fearful of failure and an impending human catastrophe

For some reason, we thought that we were immune from the Coronavirus. We thou

Indian Covid-19 variant added to WHO’s variants of concern : Prof. Neelika Malavige

Globally new cases of Covid are falling, after an all-time peak through March

MeGha Primal Intake: A mega scam by few govt doctors ?

Days after the Dhammika Paniya was rejected as a cure against COVID-19, news

DMK Chief M. K. Stalin Becomes Tamil Nadu Chief Minister

“Stalin Thaan Varraaru, Namakku Vidivu Tharraaru” (Stalin is only coming

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.