United Motors profit after tax grows 55% to Rs. 260.7 million

United Motors Lanka Ltd. (UMLL) has reported excellent results for the first nine months of its financial year.

In the nine months ended December 31, 2006, the company recorded a turnover of Rs. 2,875.5 million, an increase of 44.1 % over the turnover of the corresponding period of last year. Profit After Tax of Rs. 260.7 million also reflected an improvement of 55% over the profit of the same period last year.

UMLL's consolidated results for the nine months ended December 31, 2006 have been the best ever results achieved in the history of the company. Whilst Group Turnover of Rs. 4,795.5 million had increased by 38%, Group Profit After Tax and Minority Interest was Rs. 303.1 million compared to Rs. 211.3 million achieved in the first nine months of the last financial year, an increase of 43.4 %.

During the period Group Earnings per Share had improved from Rs. 6.28 in 2005/06 to Rs. 9.01 in 2006/07 whilst Group Net Assets per Share which was Rs. 50.11 at the end of December 2005 had appreciated to Rs. 59.73 by December 31, 2006.

UMLL, the sole distributor for brand new Mitsubishi vehicles has maintained consistent growth in passenger vehicles and has shown a significant increase in market share in the truck market.

During the period under review the company launched the All New Mitsubishi L200, a completely new one-ton pickup redesigned from the ground up and in the near future will be introducing two more new models which would enhance its product portfolio.