Top Speed

Sri Lanka's Prime Minister Ranil Wickremesinghe arrives with flowers to receive blessings at the Gangaramaya Buddhist Temple, Colombo, Sri Lanka on Wednesday 4 April 2018. On wednesday (4), Wickremesinghe survived a no-confidence motion in the Sri Lankan parliament with a 46 vote majority after a 12-hour debate with 122 MPs voted in his support while 76 MPs voting to remove the prime minister. (Photo by Tharaka Basnayaka/NurPhoto via Getty Images)

Aug10 (LBO) – Associated Motorways Limited (AMW) posted an 18 percent jump in net profits to 143.8 million rupees in the first quarter 2007, led by growth in its passenger vehicle segment.

The group’s net turnover was also up 76 percent to 2.6 billion rupees for the same period, over a company turnover performance of 2.5 billion rupees a 111 percent increase.

Most business lines supported the increase, the company said Thursday, though much of the growth has come from the Nissan, Maruti and Suzuki divisions.

The company also increased market share in the motor segment through stepped up marketing initiatives and a new sales outlet set up in Matara to push its Maruti and Suzuki range of vehicles.

Annualized earnings per share also recorded a significant increase at 71 rupees apiece.

The company is also looking to a 392 million rupee capital infusion from John Keells for a ten percent stake in AMW to drive expansion plans, including the setting up of more sales outlets.

Shareholders approved the issue of 1,032,231 shares to JKH of ten rupees each at a premium of 370 rupees each, through a private placement.

The company says it ex