Thursday, October 25, 2012

Access Engineering pre-tax profits up 84%

Access Engineering PLC said its group pre-tax profits rose 84 percent for the quarter ended September 30, 2012.

"Turnover for the six months ended 30th September 2012 of Rs.6,057 million and Rs. 4,784 million has recorded a growth of 131% and 88% at group and company level over the corresponding period of last year. At company level, the highest contribution to revenue was from the highways construction sector followed by building construction and production income sectors. This growth in top line has resulted in the company reporting a before tax profit of Rs. 973 million and Rs. 823 million which is a growth of 84% and 74% at group and company level compared to the corresponding period of last year," the company said in a statement yesterday (24).

Embarking on the theme of ‘Capacity Building’ which is earmarked, during the 6 months ended the company has made further investments amounting to Rs. 551 million in property, plant and equipment. The company declared a dividend of Rs. 0.25 per share for the year ended 31st March 2012 which was paid in June 2012.

Operating activities of the company have generated a net cash inflow of Rs. 936 million with the net cash outflow from investing activities amounting to Rs.950 million mainly due to capacity building initiatives that were undertaken by the company.

Access Engineering has successfully completed many landmark infrastructure projects in the island such as the Hambantota International Airport project (Cargo and Fire Rescue Buildings, Airport Access Road, Fuel Hydrant for the Apron, Pipe Laying and a Water Tower), design and build of 1137 housing units at Henamulla, Outer Circular Highway Piling Project which is the largest piling project awarded to a single contractor, Unity Container Terminal Rehabilitation Project at the Colombo Harbour, Hambantota Water Supply Project, Batticaloa Water Supply project, Ibbagamuwa - Madagalla Road Project, Galagedara - Rambukkana Road Project, Jaffna Rehabilitation & Improvement Project (3 major roads), Dialog Aerial Optical Fiber Network Project and the Veyangoda Railway Flyover Project.

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