Laugfs revenue surpasses Rs. 10 b
Laugfs Gas PLC and its subsidiaries in a Stock Exchange filing of the
un-audited financial statements for the fourth quarter ended March 31,
2013, indicated record performance with Group revenue for the year under
review reaching Rs. 10.6 billion.
The Profit Before Tax of the Group recorded Rs. 1.3 billion, a growth
of 29% over the previous financial year. The Group Total Comprehensive
Income for the year, Net of Tax recorded Rs. 1.0 billion as against Rs.
597 million last year.
The Total Group Assets increased by 3% to Rs. 10.6 billion. The
Property, Plant and Equipment increased to Rs. 6.5 billion, Net of
Depreciation increased 18% over the previous year. Productive
investments would accrue benefits to the shareholders in the ensuing
years in the form of better returns having comparatively shorter
gestation periods and early pay backs.
The group's retained earnings increased by 16% to Rs. 3.5 billion,
while Net Assets increased by 8% to Rs. 6.5 billion. The Net Asset Value
Per Share increased to Rs. 16.76 from Rs. 15.58 the previous year.
The Earnings Per Share (EPS) increased by 28% from Rs. 2.14 to Rs.
2.74 per share.
The downstream operations of LP Gas again recorded highest ever
revenue of Rs. 9.7 billion, an increase of 16% over the preceding year.
The Gross Profit margin, however, reduced to 11% from the previous
year’s 14%.
The company’s EBITDA surged to Rs. 1.6 billion, an increase of 62%
over the previous year, a creditable achievement in the wake of
uncertainties and slowdown of economic activities.
The Profit Before Tax of the company from continuing operations was
Rs. 1.4 billion, an increase of 72% over the previous year. We have more
than doubled the Total Comprehensive Income Net of Tax to Rs. 1.2
billion during the year under review from Rs. 411 million recorded last
year. The company’s total liabilities reduced by 4% during the year to
Rs. 3.9 billion.
The company’s retained earnings increased 27% from Rs. 2.3 billion
last year to Rs. 3 billion in the current year. The Board of Directors
have declared a first and final dividend of Rs. 1.50 per share for the
financial year ended March 31, 2013.
This is the third consecutive time the company declared dividends
after its historic IPO in December 2010. The LP Gas industry globally is
in the midst of a structural change as new sources of supply compete for
market share, and as a cleaner source of energy take a greater share of
primary energy consumption.
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