Laugfs Gas group pre tax profit up

Laugfs Gas PLC and its subsidiaries recorded a strong performance for the six months ended September 30, 2012. The group consists of four subsidiaries,Vehicle Emission Testing, Leisure, Property Development and Power. Laugfs Gas PLC and its subsidiaries, according to the un-audited financial statements for the six months period ended September 30, 2012 had posted a record turnover of Rs. 5.15 b which is a 19 percent increase over the corresponding period of the past year.

The Group recorded Rs. 0.54 b as profit before tax, a growth of 13 percent over the corresponding period of last year.The Group Net Assets Per Share recorded a growth from Rs15.17 to Rs16.16 over the corresponding period of last year.

Laugfs Gas PLC as the parent company also performed well despite a turbulent economic environment. With world LPG prices reaching the highest recorded in recent years in 2012, depreciation of the Rupee, the company yet contributed to Group revenue significantly with a revenue growth of 19 percent compared to the corresponding period of the past year.

Laugfs Eco Sri (Pvt) Ltd engaged in Vehicle Emission Testing Services plans to extend its operations to all provinces in the country including the Northern Province. With increased revenue and profit the company plans to improving the go-green concept which is in place at present. Laugfs Leisure Ltd is making rapid progress and hopes to establish a unique chain of five star hotels around the island, with three hotels planned to begin operations by 2013 in Chilaw, Pasikuda and Wadduwa.Property development undertaken by Laugfs Property Developers (Pvt) Ltd is progressing rapidly at Maya Avenue, Colombo 6 and is to be completed by mid 2013.