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Access Engineering 2Q net profit up 6.8% to Rs.683.7mn

10 November 2015 02:54 am - 0     - {{hitsCtrl.values.hits}}

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Diversified Access Engineering PLC saw its net profit for the September quarter (2Q16) improving 6.8 percent year-on-year (YoY) to Rs.683.7 million, the interim financial accounts released to the Colombo Stock Exchange showed. 

The earnings per share improved to 68 cents from the 64 cents recorded in the corresponding quarter of the previous year.

The 2Q16 revenue stood at Rs.4.65 billion, up 6.4 percent YoY. The cost of sales rose 7.4 percent YoY to Rs.3.6 billion.

The balance sheet continued to remain stable with the total assets edging up 10 percent, amounting to Rs.24.7 billion.

The segmental analysis for the first six months of the current financial year (1H16) showed the construction sector contributing more than half of the group revenue with Rs.5.23 billion, though down 14 percent YoY.

The segment after-tax profit also fell to Rs.918.8 million from Rs.954.5 million YoY.

The construction material production segment also showed a decline with lower revenue and profits compared with the previous year.

The profit of the property development arm of the group, Access Realties (Private) Limited, for the first half of the year improved to Rs.77.7 million from Rs.65.9 million.

The motor arm, Sathosa Motor PLC, the agents for Isuzu motor vehicles, also reported a higher profit of Rs.151.3 million, up from Rs.123.7 million.

The recently acquired related party company, Access Projects (Private) Limited, too made a healthy contribution to the group performance with higher profits and revenue.

As of September 30, 2015, Group Chairman Sumal Perera held a 25 percent stake in the group, being the single largest shareholder.  

The state-controlled private sector pension fund, the Employees’ Provident Fund, held a 1.54 percent stake of the company, being the 11th largest shareholder. 

Access Engineering last week said it would be raising Rs.5 billion from a listed debenture issue to part finance the on-going construction of Access Tower II and Urban Regeneration Project, where the group has taken over the design and construction of 941 housing units in Colombo 15.
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