Access Engineering rises with highest-ever Rs. 16.4 b revenue, Rs. 13.1 b profit

Friday, 23 May 2014 01:15 - - {{hitsCtrl.values.hits}}

Access Engineering PLC has wrapped up financial year 2013/14 on a promising note by posting another double digit growth in revenue with Rs. 16.4 billion at group level and Rs. 13.1 billion at company level during the year ended March 2014. Total comprehensive income attributed to the owners of the company amounted to Rs. 2,965 million and Rs. 2,634 million respectively at group level and company level which is 25% and 24% upturns compared to the year 2012/13. In a statement, Access said the company has been able to record Rs.2.87 and Rs.2.54 worth of Earning Per Share respectively at group level and company level which is an impressive growth of 21% and 19% in comparison to the previous financial year. The company was also the overall winner of the National Business Excellence Awards conducted by the National Chamber of Commerce. The company has reported a total asset base of Rs. 18,314 million and the group asset base stood at Rs. 20,224 million. The equity

attributed to the owners of the company is Rs. 14,951 million at the group level and Rs. 14,274 million at company level which translates in to Rs.14.95 net assets per share. The company recorded revenue of Rs. 4,412 million and Rs. 3,467 million at group level and company respectively for the fourth quarter of 2013/14 whilst the attributed net profit was Rs. 885 million and Rs. 774 million at group and company level respectively. During the year under review, Access Engineering PLC increased its shareholding in its subsidiary Sathosa Motors PLC up to 84.42%. The subsidiaries continued to perform well and recorded a net profit of Rs. 336 million and Rs. 135 million respectively from Sathosa Motors PLC and Access Realities Ltd. The company’s newest subsidiary ZPMC Lanka Ltd., which is the joint venture between Shanghai Zhenhua Heavy Industries Company Ltd. (ZPMC), the world’s leading container handling manufacturer, completed seven months of profitable operations. Access Engineering PLC Chairman Sumal Perera stated: “With unprecedented investments being made in Sri Lanka’s infrastructure, both in the public and private sectors, Access Engineering is well positioned to benefit from the same through its innovative value engineering solutions.” He added: “As a company that was listed just two years ago, we take great pride and satisfaction that we have been able to deliver on our commitments, for the benefit of all our stakeholders.” The Board of Directors of Access Engineering PLC comprises Sumal Perera (Chairman/CEO), Christopher Joshua (Managing Director), Rohana Fernando (COO), Shevantha Mendis, Dharshana Munasinghe, Ranjan Gomez, Malik Ranasinghe, Niroshan Gunarathna , Alexis Lovell and Dilhan Perera.