Business Times

Debt-free Access Engineering records Rs 2 bln in pre-tax profits

Going public, acquiring Sathosa Motors Ltd, expanding its construction work across the country, and being (almost) totally debt free were some of the achievements of Access Engineering Ltd in the year ending March 2012,

Access Engineering Ltd, the first company which had an IPO in 2012 (March) has had a very successful year of operations in terms of the financial results released for the ensuing year. In a company media statement, Chairman/ CEO of Access Engineering, Sumal Perera, said 2011/12 was a landmark year for the company with the main focus of building capacity.

"We are well geared to take advantage of the unprecedented growth that is taking place in infrastructure development and the construction industry. Some of the key highlights in capacity growth were increasing the stated capital from Rs. 3 billion to Rs. 9 billion (this includes the private placement of Rs. 4.5 billion and the IPO of Rs. 500 million); investing Rs. 1.5 billion in plant/ machinery and increasing the workforce from to 2,700 from 1600," he said adding that" we were able to achieve the best financial results in our short history of 10 years."

Access Engineering carried out many engineering and construction projects with a host of locally and internationally acclaimed business partners. Among them were the construction and improvement to the Batticaloa - Trincomalee (A15) road project, the Jaffna - Kankesanthurai - Palali road project, the Kantale - Trincomalee (A6) road project, the Galagedara - Rambukkana road project, the Mannar - Nawakkuli (A32) road project, the Batticaloa water tower project and the Ambalantota Salinity Barrier project.
"The last financial year included three significant events - completion of the successful private placement, acquiring of Sathosa Motors PLC and the listing of Access Engineering Ltd at the Colombo Stock Exchangee.

This gears us well for future growth and to enhance the group's future business potential. Something significant that all our stakeholders could take comfort is that, in an era where there is a tendency of increasing interest rates, Access remains totally debt free and has a healthy liquidity position with positive cash balances at both company and group levels", he said.

Turnover doubled to Rs. 7.31 billion during the financial year 2011/ 2012. Fourth quarter turnover was Rs. 2.79 billion against Rs. 1.27 billion in the same quarter in the previous year. Gross profit rose to Rs. 2.11 billion, up 63 % from Rs. 1.29 billion last year. Pre-tax earnings stood at Rs. 2.03 billion with a 47% increase and post-tax earnings was Rs. 1.73 billion, up 80% from last year.

The statement reiterated that the company is currently in possession of a very strong balance sheet with almost zero debt. This negligible level of gearing is highlighted with the company having an interest cover of 103 times and at group level, an interest cover of 122 times.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Missing sugar from Sevanagala
Uncertain, World Bank-funded tourism project finally off the rail
SL medical transcription to grow in insurance sector
Inaugural meeting of proposed investors association
Dialog launches ground-breaking easy payment mobile facility
LINK LANKA tackles digital taxi meter demand
Comment - Conflict of interests Sri Lankan-style
Conflicts-Play of interests
Three trade secrets on successful powerful corporate presentations
Stock market 'mafia' controls the market: Vignarajah
Sri Lanka Tourism gets ‘Googled’
Sri Lanka receives highest, ever value FDI project - US$4 bln, says BOI
95% of Carson Group workforce in Indonesia, Malaysia and India
Singer adds Huawei smart phones
Debt-free Access Engineering records Rs 2 bln in pre-tax profits
Telecommuting as an option to stressed travel
Vietnam travel promotion in Colombo
Union Bank goes for TV banking
Pushing the power of Asia
National consumer welfare policy for Sri Lanka
CSE detects 20 suspected malpractices; resolves 44 investor complaints in 2011
Trade policy challenges for Sri Lanka in the post-conflict Era
Top corporates and professionals to speak at 2012 SAFA-CMA Summit
SIA offers 2 biz class tickets to any destination in online competition
Spa Ceylon gives Ceylon Tea a new fillip
Colombo bourse up on policy rates, rupee depreciation
SEC further 'grills' NSB-TFC deal culprits
Rupee depreciation beneficial to Spence
Foreign visitors on upward drive
Taj Samudra organizes clean up of Galle Face Green

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2012 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution