Laugfs records Rs 1.2 b PBT
Laugfs Gas PLC and subsidiaries announced yesterday that the group
surpassed Rs 1.20 billion profits before tax PBT for the financial year
ended March 31, 2011 and it is a phenomenal increase in profits before
tax by 107 percent over the previous year.
W K H
The group, according to the unaudited financial statements for the
year ended March 31, 2011, released to the Colombo Stock Exchange, had
posted a profit after tax (PAT) of Rs 1.0 billion which is 90 percent
over the corresponding period last year.
During the year under review, companyís revenue also increased by 30
percent from Rs 5.6 billion to Rs 7.3 indicating robust performance. The
Laugfs Gas PLC and its subsidiaries also increased the value of its
assets base by 48 percent from Rs 6.2 billion last year to Rs 9.2
billion as at the end of March 31, 2011. The net assets value for the
year increased from Rs 2.8 billion to Rs 6.3 billion. The groupís
current assets are 1.6 times over its current liabilities and it
reflects very healthy and strong liquidity and working capital position.
Laugfs Gas Chairman W K H Wegapitiya commenting on the performance of
the company and the group, said, although the results are very
impressive the full potential of the company is yet to be exploited.
He added that they are looking forward to achieve very much better
results in the immediate future since the fundamentals have put in place
internally which should be complemented with conducive business
environment created. However he noted that surpassing over rupees one
billion profits earned was an important landmark for a comparatively
young business enterprise but having had to face numerous obstacles on
its way and stiff competition from its formidable contenders in
Laugfs Gas PLC is on a vigorous growth path and believes that it has
captured the major share of the expanding market of LP Gas in this
country and its distribution network now covers the entire island
including that of North and East which appears to be a very promising
market segment with the dawn of peace and economic activity gathers
momentum in the two provinces.
As far as the performance of the group during the final quarter of
the period under review indicated strong performance where its revenue
increased by 27 percent to Rs 1.98 billion from Rs 1.56 billion.
The profits after tax for the final quarter for the group stood at Rs
251.48 million which is an increase by 74 percent from Rs 144.78 million
for the corresponding quarter in the previous year.