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| Tuesday, 24 June 2003 |
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UMLL records 95.2% growth in turnover United Motors Lanka Limited (UMLL) recorded a 95.2% growth in its turnover, for the financial year 2002/2003 compared to the financial year 2001/2002, whilst capturing more than 30% of the brand new Japanese vehicle market in Sri Lanka, the company said last week. The company's flagship motor vehicle brand Mitsubishi enjoys over 35% of the overall automobile market. Following this success United Motors Lanka Limited has increased its dividend payout by 40% in F/Y 2002/2003. The dividend cover of 2.56 reflects a 24.9% increase from F/Y 2001/2002. This is an indication that a high proportion of profits have been retained in the company with the intention of achieving a higher earnings growth in the future. With a satisfactory dividend policy United Motors Lanka Limited looks forward to maintain its share price at an acceptable level, a company spokesman said. United Motors Lanka Limited currently enjoys a Market Capitalisation of over Rs. 900 million, which is a green light for all investors looking at value for money. The ability to attract a large pool of shareholders would provide United Motors Lanka Limited an opportunity of faster expansion in its operations, which will be beneficial to all the stakeholders. In 2002/2003 United Motors Lanka Limited group enjoyed a Return On Capital Employed (ROCE) of 9.7%, which is a growth over 98% of last year. Working with the spirit of developing quality people committed to working in as a team, United Motors Lanka Limited improved its profit per employee by 51.3% for the financial year 2002/2003. The Company's focus on continuous growth will ensure Mitsubishi Brand loyal customers, excellent prospects for the future, the spokesman said. |
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