United Motors Group achieves highest ever profit

United Motors Lanka PLC and its subsidiaries achieved a turnover of Rs 10.9 billion and recorded a pre tax profit of Rs 1.38 billion for the year ended March 31, 2011. This record performance compares with a pre tax profit of Rs 134 million achieved during the previous financial year.

The profit after tax of the Group for the year amounted to Rs 907 million in comparison to Rs 146 million in 2009/10.

United Motors Lanka PLC achieved a profit before tax of Rs 735 million and a profit after tax of Rs 519 million as compared to a profit after tax of Rs 121 million for the same period of the previous year.

According to Chief Executive Officer and Executive Director Chanaka Yatawara this is the highest ever profit recorded by the group. The current year profit after tax of the group and company increased by 520 percent and 328 percent respectively as compared to the previous year.

He further stated that the year under review saw a 48 percent increase in Mitsubishi vehicle sales, which was supported by increased sales of Mitsubishi spare parts and workshop services.