Access Engineering’s container handling unit posts profits within 5 months
View(s):Access Engineering PLC’s (AEL) port handling machinery maintenance firm set up with China’s Shanghai Zhenhua Heavy Industries Company Ltd (ZPMC) has made profits within five months of operation, officials said.
“We bought this stake five months ago for Rs. 60 million,” Sumal Perera, Chairman AEL told the Business Times, adding that the company has contributed Rs. 6 million to the bottom line in the quarter ended 31 December 2013. ZMPC will also explore possibilities of manufacturing and refurbishment of Cranes out of Sri Lanka.
The company’s recently released results showed that earnings attributable to equity at group and company level were Rs. 2,091 million and Rs. 1,871 million in the first nine months, reflecting a growth of 27 per cent and 26 per cent. Mr. Perera attributed this to the growth in infrastructure related business. “The infrastructure growth is two to three times of the GDP growth of the country,” he said.
The turnover for the same period stood at Rs. 11,997 million and Rs. 9,721 million at group and company level respectively showing a growth of 22 per cent and 21 per cent over the corresponding period of the previous year.