ACL Cables eyeing Rs 400 mln investment projects by mid this year
View(s):By Duruthu Edirimuni Chandrasekera
ACL Cables PLC will begin some Rs 400 million worth projects in power related areas by mid this year, officials said.
“We’re looking at getting into more power connected areas,” Suren Madanayake, Managing Director ACL Cables PLC told the Business Times. He noted that tourism will ‘not’ be a potential area they’ll go into as many have already invested in it. He added that the company is targeting these ventures in a bid to diversify into their non cable -related areas.
ACL Cables PLC recorded a turnover of Rs 4.7 billion for the nine months ending 31st December 2012 compared to Rs 3.8 billion in 2011. The company’s profits before tax recorded Rs. 187 million for the same period compared to Rs 207 billion. ACL Cables Group’s profits before tax moved up by 27 per cent to Rs. 617 million.
Mr. Madanayake said that one of the most favourable developments during the year to have directly contributed to ACL’s performance has been the expansion of rural electrification efforts by the Ceylon Electricity Board (CEB). “As one of our main clients, this increase constituted an upsurge in demand for our products, thereby contributing to our improved turnover.
Accelerated infrastructural and economic development in the north and east will boost the economy further and in turn benefit ACL,” he said, adding that most of these newly developed regions will witness enhanced CEB activity and have a trickle-down effect on ACL’s operations in the future.
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