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Tuesday, October 4, 2011

Laugfs Group profit soars

The financial performance of Laugfs Gas PLC for the period under review is very impressive and the physical growth achieved in terms of sales is phenomenal. Laugfs Group has earned a profit before tax of Rs 1.0 billion for the financial year ended March 31, 2011 and it was a significant growth of 79% compared to the previous year?s operational results. The profit after tax (PAT) for the same period ended March 31, 2011 for the Group was Rs 852 million and this is an increase of 61% over the previous year.

The implementation of the well thought out strategic, tactical and operational plans contributed immensely, to penetrate hitherto untapped markets for LP Gas, especially in the Northern and Eastern provinces. The company maintained and improved on its market leading stake in the supply of bulk LP Gas to the industrial manufacturing sector, Laugfs Group Chairman W K H Wegapitiya said.

During the period under review, the Group revenue increased by 31% from Rs 5.6 billion to Rs 7.3 billion indicating an impressive growth. The consolidated financial statements for the year ended March 31, 2011 reflect an increase of total asset base by 46%.

“Becoming a public quoted company, Laugfs is poised to spread its wings with the introduction of advanced information technology and re-engineering of processes, in order to be the leading business entity engaged in the energy sector and also having diversified business interests in vehicle emission testing, leisure and hospitality, together with property development and real estate sectors,” he said.

“We are determined to stand up to the commitments with the strength of a unified system, of our unique family, aligned behind one compelling and achievable vision.”

“Becoming a quoted public company, Laugfs is poised to spread its wings with the introduction of advanced information technology and re-engineering of processes, in order to be the leading business entity engaged in the energy sector and also having diversified business interests in vehicle emission testing, leisure and hospitality, together with property development and real estate sectors,” the Chairman said.
source - www.dailynews.lk