Sri Lanka’s Access Engineering net up 65-pct

Feb 12, 2013 (LBO) – Sri Lanka’s Access Engineering Plc, which has interests in construction, real estate and automobiles said net profits in the December 2012 quarter rose 65 percent to 834 million rupees from a year earlier. The group posted earnings of 83 cents per share. In the nine months to December the group reported earnings 1.65 rupees per share on total profits of 1.64 billion rupees.

The stock traded at 20.30 rupees Tuesday.

Revenues rose 100 percent to 3.8 billion rupees in the December 2012 quarter from a year earlier and expenses rose at a faster 123 percent to 2.7 billion rupees, allowing the group to grow gross profits 55 percent to 1.0 billion rupees.

The company said the bulk of the turnover came from construction of highways, buildings, water and drainage infrastructure.

Access said it had invested over a billion rupees in the past nine months in plant and equipment which will expanded its portfolio of quarries, crusher plants, concrete batching plants, asphalt plants and piling equipment.

“These backward integration measures have enabled the company to deliver its projects to clients well ahead of the scheduled completion dates and will be a catalyst in meeting the anticipated growt

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