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Tuesday, September 14, 2010

MTD Walkers to capitalise on expected construction boom

Top building firm's turnover likely to triple to Rs. 5.8 b by end-2010/11

MTD Walkers Group, one of Sri Lanka's leading listed construction groups, is poised to enter into a phenomenal growth phase with the country's construction industry placed on the verge of an unprecedented boom.

With the construction industry expected to witness an unmatched upturn, MTD Walkers Group anticipate its group gross profits to surge to a remarkable Rs. 2 billion and net profits to increase to Rs. 1.45 billion by the end of the current financial year.

"Already the group has projects over an impressive Rs. 2.1 b in hand while projects in the pipeline amount to well over Rs. 3.7 b," a spokesperson for MTD Walkers Group said.

"Our slogan is 'building on success'. We will aggressively continue to 'build on success,' seeking opportunities for growth through astute decision making and innovation, synergised with a non-compromising stance on quality and positive attitude. Our primary focus for the next few years would be to enhance and expand our impressive performance in construction industry and be the benchmark for the sectors in which we operate," he added.

He said negotiations were underway with foreign construction companies to set up joint ventures and the projects in pipeline predict a positive future for the group for the current financial year.

Despite the last financial year being a difficult year for the construction industry, group turnover reached a commendable Rs. 1,961 million for the year ended 31 March 2010, compared with Rs. 1,476 million in the previous year.

"In spite of the global rescission, Sri Lanka is now in an era of development. The war is now history and the scourge of terrorism which lasted for three decades was eradicated by the Government in 2009. The result of this happy event was that the incumbent President was re-elected with a landslide majority. The end of the war augurs well for peace and prosperity. Infrastructure development work and business opportunities for the corporate sector are in the pipeline," CML-MTD Walkers Chairman Dato' Azmil Khalili Bin Dato' Khalid said in its 09/10 annual report.

Since the end of the war, CML-MTD Walkers PLC Group, taking advantage of the tremendous opportunities in the north and east, has been successful in obtaining more and more civil engineering, construction, infrastructure development projects, and thereby partnering with the government's rebuilding and development efforts.

source - www.dailymirror.lk