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Access Engineering Demonstrates Solid Performance for Q1 of 2016-17

Access Engineering PLC has concluded the first quarter with a solid performance, creating more value to its multifaceted stakeholders.

At a Group level cumulative revenue for the quarter was recorded at Rs. 4.6 billion, a growth of approximately 10.5% over the previous corresponding period. At a Company level this was recorded at Rs. 2.9 Bn, a marginal growth of 0.2% over the corresponding period. The production of construction related material generated a revenue of Rs. 417 Mn, up by approximately 109.8% over the previous period after the elimination of inter-segment revenue.

Gross profit margin for the quarter was 23.8% and 25.5% respectively at Group and Company level. Net profit attributable to owners of the Company was Rs. 524 Mn and 425 Mn respectively at Group and Company level, a decline of 12.6% and 13.9%. Income tax expenses of the Company rose by 232.3% to record at Rs. 200.9 Mn mainly on account of the revised corporate tax rate of 17.5% on construction activities and a one-off tax adjustment. Total Comprehensive Income After Tax for the Group & the Company for the first quarter recorded at Rs. 532.9 Mn & Rs. 425.8 Mn is a decline of 16.6% & 14.1% respectively.

During the quarter, the company’s 100% owned subsidiary Access Realties (Private) Limited generated a profit before interest and tax of Rs 42.7 Mn while it’s 84% owned subsidiary Sathosa Motors PLC generated a PBIT of Rs 64.3 Mn. The 80% owned Access Projects (Private) Limited generated a PBIT of Rs 52.6 Mn and the contribution from the Company’s Associates amounted to be approximately Rs 3.3 Mn.

As at for 30th June 2016, the total asset base of the company amounted to Rs 31.4 Bn and Rs 25.9 Bn at Group and Company level respectively. The equity attributed to the owners of the company was recorded at Rs 17.5 Bn at the Group level while it was Rs 15.9 Bn at Company level. This had been translated in to a Net asset per share of Rs 17.49 at Group level and Rs 15.86 at Company level.

The Board of Directors of Access Engineering PLC comprises of Sumal Perera (Chairman), Christopher Joshua (Managing Director), Rohana Fernando (COO), Shevantha Mendis, Dharshana Munasinghe, Dilhan Perera, Ranjan Gomez, Professor Malik Ranasinghe, Niroshan Gunaratne and Dinesh Weerakkody.