MTD Walkers - impressive 1Q growth

MTD Walkers PLC posted a net profit of Rs. 370 million recording a growth of 96% for the first quarter FY 2014/2015 compared to the first quarter of the previous financial year. Group Revenue grew by 76% to Rs. 3.3 billion.

Due to the drop in market lending rates and the introduction of an effective financial management policy, the group reduced its finance cost by 4.7% for 1Q when compared with the previous year, while the earnings per share for the three months ended June 2014 was Rs. 2.46.

MTD Walkers' Group Executive Deputy Chairman, Jehan Amaratunga said, "MTD Walkers achieved this milestone by capitalising on the synergies between the Group's subsidiary companies, which include CML-MTD Construction, Walker Sons Engineers, Walkers Piling, Northern Power Company, Colombo Engineering Services, MTD Walkers Projects and Western Airducts Lanka."

"We have effectively harnessed the Group's expertise to become a fully integrated infrastructure and engineering solutions provider within Sri Lanka's rapidly growing construction sector," he said. Amaratunga said, "While the Group's focus on service delivery and expertise was a significant competitive advantage in growing the order book by attracting large scale projects, we will continue to remain focused to ensure that all stakeholders benefit from our underlying philosophy of timely delivery of quality, responsibly."