Press

Access Engineering records Rs. 1.6 bn PAT for nine months

Access Engineering PLC, the premier civil engineering company listed on the Colombo Stock Exchange released its interim financial statements for the 9 months ended 31st December 2018. As per the results the company has recorded an impressive after tax profit of Rs. 1.66 Bn at Group level with a YoY increase of 43%.

For the quarter ended 31st December 2018 the Group recorded a profit after tax of Rs. 640 Mn, a significant YoY growth of 124% against the 3rd quarter of 2017/18. At the Company level after tax profit for the 9 months and the quarter was recorded at Rs. 1.56 Bn and Rs. 542 Mn respectively.

Consolidated revenue for the 9 months and the quarter was recorded at Rs. 21.57 Bn and Rs. 7.95 Bn respectively with corresponding YoY growth levels of 13% & 15%. At the Company level turnover recorded was Rs. 13.81 Bn and Rs. 5.16 Bn for the cumulative period and the quarter. For the cumulative revenue the contribution of construction was 58% while the automobile segment, sale of construction related material and the property sector contributed 29%, 10% & 3% respectively. Gross profit for the quarter was recorded at Rs. 1.32 Bn & Rs. 938 Mn at Group & Company level respectively with corresponding margins of 17% & 18%. For the cumulative period gross margin was recorded at 17% & 16% at Group & Company level respectively.

As at 31st December 2018, the total asset base of the company amounted to Rs 47.96 Bn and Rs 34.55 Bn at Group and Company level respectively. The equity attributed to the owners of the company was recorded at Rs 22.16 Bn at the Group level while it was Rs 19.15 Bn at Company level.