Laugfs Gas and subsidiaries record a strong performance for 6 mths
View(s):Laugfs Gas PLC and its subsidiaries recorded a strong performance for the six months ended 30 September 2012, a company media release said.
“The group consists of four subsidiaries operating in the spheres of Vehicle Emission Testing (VET), leisure, property development and power. Laugfs Gas PLC and its subsidiaries, according to the un-audited financial statements for the six months period ended 30th September 2012 has posted a record turnover of Rs. 5.15 billion which is a 19 per cent increase over the corresponding period,” it said.
It added that the group recorded Rs. 0.54 billion Profit Before Tax which is a growth of 13 per cent over the corresponding period of last year. “As far as the financial position is concerned as at 30th September 2012, the Group Net Assets Per Share recorded a growth from Rs15.17 to Rs16.16 over the corresponding period of last year.” Laugfs Gas PLC as the parent company also performed well despite turbulent economic environment, the release said, adding that with world LPG prices reaching the highest recorded in the recent years in 2012 and with the s depreciation of the Rupee, the company has yet maintained to contribute to Group revenue significantly with a recorded a revenue growth of 19 per cent compared to the corresponding period of last year.
“The Laugfs Eco Sri (Pvt) Ltd engaged with Vehicle Emission Testing Services is planning to extend its operations to all provinces in the country covering Northern Province. The company has continued to increase awareness on environment protection and offer services on vehicle emission testing in support of VET certification which was made mandatory by the Registrar of Motor Traffic in November 2008,” the release said, noting that with increased revenue and profit over the period the company plans to enter in to diversified business with intentions of maintaining and improving the Go-Green concept in place at present.
The release also added that Laugfs Leisure Ltd is making rapid progress and is hopeful to establish a unique chain of five star hotels around the Island, with three hotels planning to begin operation by 2013 in Chilaw, Passikudah and Wadduwa. The property development undertaken by Laugfs Property Developers (Pvt) Ltd is also progressing rapidly at Maya Avenue Colombo 06 and is expected to be completed by mid 2013.
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