Integrated infrastructure and engineering solutions provider MTD Walkers PLC announced its results for the third quarter of 2015/16 today posting revenue of LKR 2.7 billion. The Group has managed to increase its gross profit margin to 25% from 16% in the third quarter last year in what continues to be a tough year for the construction industry.
“It is encouraging to see that the Government remains committed to infrastructure development. The Group has been able to broaden its scope of work and undertake a range of exciting new projects with many countries coming forward to fund development activities in Sri Lanka. The Group is now poised to return to a high growth phase leveraging on structural changes made during the slowdown experienced earlier this year,” says Mr. Jehan Amaratunga, Executive Deputy Chairman of MTD Walkers PLC.
He further adds, “We are delighted to be recognized for our commitment to the industry by being awarded the Gold Award in the Construction Sector at the National Business Excellence Awards. This award has reaffirmed our position in the industry and the Sri Lankan business environment.”
Speaking of the results posted by the Group, Mr. Viraj de Silva, Group Chief Financial Officer of MTD Walkers PLC says, “Overall, I am pleased with the results for this quarter. The construction industry is recovering quickly and we expect the industry to continue to spur economic growth in Sri Lanka. The cost control measures adopted by the Group at sites and head office have enabled us to record a profitable quarter compared with the first half of the year. We expect the new operating practices of the Group to be sustainable and positively affect margins in the coming quarters”
About MTD Walkers PLC
MTD Walkers PLC is a pioneer in the engineering and infrastructure industry with a well established track record in multidisciplinary engineering activities both locally and overseas.
In operation since 1854, they are the seventh oldest company in Sri Lanka and the “Walkers” brand has acquired an iconic presence associated with strength and stability.
Today, MTD Walkers PLC possess a robust portfolio of infrastructure related businesses including Civil Engineering, Mechanical Engineering, Electrical Engineering, Pile Construction, Power Generation, Marine Engineering and Real Estate. (Media Release)