Laugfs Gas announces record financial year performance
View(s):Laugfs Gas PLC and its subsidiaries said according to its un-audited financial statements for the year ending 31st March 2013, revenue had crossed Rs.10 billion mark, reaching Rs.10.6 billion.
“It is a landmark for the group of companies in its comparatively short history of business operations. It has achieved this feat, despite the many unprecedented changes that has taken place, over one and a half decades of its existence, in virtually all aspects of the business environment that it was operating in. The Group was able to withstand the turbulent times and preserved core of the business, by staying focused on the fundamentals of the operation, while being willing to change everything else necessary to win and retain customers,” the company said in a statement.
Pre-tax profit was Rs.1.3 billion, up 29 per cent over the previous financial year. The value of group assets rose by 3 per cent to Rs.10.6 billion. Earnings Per Share (EPS) increased by 28 per cent to Rs.2.74 per share.
Laugfs’ core business – LP Gas – once again recorded the highest ever revenue of Rs.9.7 billion, up 16 per cent from earlier.
The gross profit margin, however, reduced to 11 per cent from the previous year’s 14 per cent, mainly due to escalation of world market prices of LP Gas and also due to the impact of upward movement of foreign exchange rates during the greater part of the financial year under review.
The company said the Board of Directors decided to declare a first and final dividend of Rs.1.50 per share for the completed financial year.
Laugfs said the LP Gas industry globally is in the midst of a major structural change as new sources of supply compete for market share, and as a cleaner source of energy take a greater share of primary energy consumption.
Some of the key challenges facing the LP Gas industry, in the country, would be in educating the authorities and decision makers concerned regarding the use of LP Gas. “In order to do so, the stakeholders involved are in need of effective, consistent communication using rigorous evidence based on data and analysis. Therefore, it is imperative that the industry must speak with a strong, unified voice to persuade the authorities, other stakeholders and financial markets to support the use of LP Gas where appropriate,” the statement said.
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