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| Sunday, 25 September 2005 |
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United Motors doubles first quarter earnings United Motors Lanka Ltd., a leading bluechip in the automobile industry has more than doubled its first quarter earnings over the corresponding period of last year. In the quarter ended June 30, 2005, the company achieved a Profit After Tax (PAT) of Rs. 55.3 million, an increase of 124.6% over the first quarter of the last financial year. The Group earned a Profit after Tax of Rs. 68.2 million, an increase of 146.1% over last year's result. Despite considerable pressure from the external environment in the wake of high import duties and taxes on vehicles and the prevailing political uncertainty the company and its subsidiaries have achieved excellent results due to the dedication and skills of its management and staff at all levels. At the end of June 2005, Group Assets stood at Rs. 4.6 Billion reflecting a growth of 39.8% from June 2004 whilst the Group Shareholders' Funds have grown by 52.7% over the same period. The Group Net Assets per Share which stood at Rs. 31.69 at the end of June 2004 has increased to Rs. 48.40 by June 30, 2005. The company paid a 25% dividend in the financial year 2004/05. The company has over 60 years' experience in providing quality, dependable and operationally efficient transport solutions in Sri Lanka. The Mitsubishi range in Sri Lanka includes the versatile Sedans, Lancer and Galant, the popular Montero, Montero Sport and the Outlander in the SUV range, the L 200 double cab, L 300 van and mini bus, the new range of Canter and Fuso trucks and the Rosa bus. In keeping with the company's diversification strategy there have been a number of additions to its product portfolio. |
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