Access 1Q net up 10% to Rs.600mn

Diversified Access Engineering PLC saw its net profit for the quarter ended June 30, 2015 (1Q16) increasing 10 percent year-on-year (yoy) to Rs.600 million, the interim financial accounts released to the Colombo Stock Exchange showed.

The earnings per share improved to 60 cents from 54 cents. The revenue for the quarter under review was Rs.4.2 billion up from Rs.3.36 billion recorded in the corresponding quarter of the previous year.

The cost of sales stood at Rs.3.27 billion, up from Rs.2.55 billion. The gross profit rose to Rs.934.4 million from Rs.809.2 million. Net finance income fell to Rs.23.3 million from 40.8 million.  A segmental analysis showed the group’s construction segment’s revenue and post-tax profits remaining flat at Rs.2.6 billion and Rs.410 million. The constriction related material production operations reported higher a higher revenue of Rs.548 million, though the after tax profit remained flat at Rs.84 million. The 100 percent owned real estate subsidiary Access Realties (Pvt) Limited also didn’t see much change to its revenue base and profits during the quarter.  

However, the group’s motor subsidiary, Sathosa Motors PLC, the local agents for Isuzu vehicles recorded a higher post-tax profit of Rs.86.5 million compared to Rs.44 million a year ago. The recently acquired Access Projects (Pvt.) Ltd. contributed Rs.20 million to the bottom line. Contribution from its 30 percent associate undertaking, ZMPC Lanka Company (Pvt.) Ltd. amounted to approximately Rs.3 million. 

The latest addition under its umbrella during the quarter was Horizon Holdings (Pvt.) Ltd. (50 percent) and Horizon Holdings Ventures (Pvt.) Ltd. (100 percent), both acquired with a view to expand real-estate operations. 

The total asset base of the group stood at Rs.23.71 billion. Equity attributable to owners of the Company of Rs.16.6 billion at the group level translates into a net asset per share of Rs.16.6. 

The Board of Directors of AEL comprises of Sumal Perera (Chairman), Christopher Joshua (Managing Director), Rohana Fernando (COO), Shevantha Mendis, Dharshana Munasinghe, Ranjan Gomez, Dilhan Perera, Professor Malik Ranasinghe, Niroshan Gunarathna and Dinesh Weerakkody.