Access Engineering records 83% growth in 1Q

Access Engineering PLC recorded an impressive growth in bottom line based on projections the company had for the three months ended June 30, 2013.

As per the financial results released to the Colombo Stock Exchange, turnover for the three months ended June 30, 2013 stood at Rs. 3,152 million and Rs. 2,535 million, a growth of 13% and 20% at group and company level over the corresponding period of the previous year. Highway construction, building construction, water and drainage construction contributed most to the turnover at company level.

At group level, the company's subsidiary Sathosa Motors PLC contributed Rs. 581 million to the top line. The company's fully owned subsidiary, Access Realties (Pvt) Ltd also contributed to the top line with a turnover of Rs. 47 million. Stemming from top line growth, the company's pre-tax profit of Rs. 638 million and Rs. 564 million recorded a phenomenal growth of 64% and 83% at group and company level.

The company also recorded an impressive profit, attributable to equity holders, of Rs. 2,382 million for the financial year ending 31-03-2013.