Aug 11, 2010 (LBO) - Lanka Ashok Leyland, an Indo-Lanka joint venture importing and assembling buses has reported a sharp increase in profit and sales as post-war demand increases demand for passenger transport.
The company said in a stock exchange filing that June 2010 quarter net profit soared 701 percent to 157 million rupees from a year ago with earnings per share rising to 43.37 rupees from 5.41 rupees the previous year.
Total sales shot up 286 percent to 1.8 billion rupees with revenue from new vehicle sales up 296 percent to 1.7 billion rupees while vehicle repair income was stagnant at 15 million rupees.
Vehicle spare parts sales also rose, up 137 percent to 91 million rupees in the June 2010 quarter from the previous year.
Sri Lanka's 30-year ethnic war ended in May 2009 triggering an economic revival with growth forecast at seven percent this year.
The re-opening of a key highway to the northern Jaffna peninsula as well as roads to the east, where the war was largely fought, has prompted demand for more buses as passenger travel picks up.
Lanka Ashok Leyland is a joint venture between the Sri Lankan government and India's Ashok Leyland which supplies chassis in both completely built-up and knocked down conditions.
The Sri Lankan firm assembles the chassis and builds bodies and sells them in the local market.
The government-owned Lanka Leyland has a 41.77 percent stake in Lanka Ashok Leyland and Ashok Leyland of India a 27.85 percent stake with 30 percent held by the general public.
source - www.lbo.lk
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