Tue, 07 Feb 2023 Today's Paper

Construction activities lift Access Engineering 4Q profit over 50%

22 May 2017 06:05 pm - 0     - {{hitsCtrl.values.hits}}

A A A

Access Engineering PLC, a leading infrastructure developer with diversified business interests saw its group earnings increasing to a little over a billion rupees during the January-March quarter (4Q17) from Rs.650.3 million during the same period last year, recording an increase of 55 percent, the interim earnings report for the period showed. 
The performance has been lifted by the group’s key construction segment as this segment of the business appears to have been helped by the pickup in construction activities in the economy.               
The quarterly earnings per share rose from 64 cents to 83 cents during the 12-months. The company’s share ended 20 cents higher at Rs.26.30 at last week’s close.  The group revenues rose by 14.2 percent to Rs.5.17 billion from a year ago.  
The group also has interests in telecom, power and renewable energy, water projects, information technology, healthcare, education and property development. 
In January, the company committed little under Rs.3 billion in return for a 51 percent stake in Hotel 10 (Private) Limited, a joint venture between Mustafa’s Pvt Limited and China Harbour Engineering Company (Lanka) Limited, to build a 250,000 square feet commercial and residential development with 1,000 dwelling units in Colombo 15, overlooking the Colombo Port.  The total investment for the project is estimated at Rs.10 billion. Further, in May 2016, the company bought 50 percent stake in Blue Star Constructions Private Limited for Rs.800 million to develop a condominium in one acre land in Rajagiriya.  Meanwhile, for the year ended March 31, 2017, Access Group reported earnings of Rs.2.88 billion or Rs.2.70 a share, recording an increase of 16 percent.  The turnover for the year was Rs.20.45 billion, up 16 percent from a year ago. 
According to the segmental results, the construction segment increased profit after tax up to Rs.2.34 billion from Rs.1.7 billion year-on-year (YoY).  Sathosa Motors PLC, the group’s auto segment, which holds the franchise for Isuzu motor vehicles in Sri Lanka, saw its profits falling from Rs.327.9 million to Rs.240.1 million. 
As of March 31, 2017, Access Group Chairman Sumal Perera held 25 percent stake in the company while the state-controlled private sector pension fund, Employees’ Provident Fund held 2.05 percent stake being the 11th largest shareholder. Norges Bank, the Central Bank of Norway, held 2.36 percent being the 10th largest shareholder of the company.


Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop 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




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Pain and punishment

Should we spare the rod and spoil the child? Does it really happen? Children

Health System in the emergency room

Sandya Kumari from Kotahena has been experiencing chest pains since 2015 and

Canada’s targeted sanctioning of Gota and Mahinda

History was made last week when two former executive presidents of Sri Lanka

SC judgement on Easter attack: Court rules negligence stood in the way of avoiding most heinous crime

“On the ill-fated day of 21st of April 2019, this island home was awoken ru