Laugfs ends Q4 earning with Rs. 10.6 billion

Vishmi Wijeratne

Laugfs Gas PLC has ended the company's fourth quarter on March 31,2013 optimistically giving its shareholders a time to applaud by earning a revenue of Rs.10.6 billion. It was mentioned at the Laugfs Gas Annual General Meeting held at the Mount Lavinia Hotel last Saturday that this was a great achievement considering the changes in the economy that came their way.

While Laugfs has posted a 29% growth in profit before tax recording it as Rs.1.3 billion, the Group Total Comprehensive Income for the year, Net of Tax recorded 1.0 billion which could be considered a considerable growth from the Rs. 597 million last year.

The group's retained earnings increased to Rs. 3.5 billion which is a 16% increase from last year. The Net assets too showed a growth 8% recording Rs. 6.5 Billion.

The positivity of the Agenda In turn applies for the shareholders with the Net Asset Value per share increasing from last years Rs. 15.58 to Rs. 16.76 thus the Earnings Per Share increased by 28% from Rs. 2,14 to Rs.2.74 per share.

“Considering the group’s great performance throughout the year a final dividend of Rs.1.50 per share was decided on by the board of directors for the financial year ended 31st March 2013,” Chairman at Laugfs Holdings Ltd, W. K. H. Wegapitiya said

An increase 3% was recorded in Total Group Assets positioning it at Rs. 10 Billion, the property, plant and equipment increased to a value of Rs. 6.5 billion with net of depreciation showing an increase 18% compared with last year.

The groups core business recorded a high growth in terms the revenue of LP gas. According Wegapitiya it is the highest recorded revenue. “The LP gas revenue had increased by 16% from last year recording Rs. 9.7 billion,” he said.

The Laugfs’ EBITDA increased by 62% to Rs.1.6 billion while an improvement of 72% to Rs. 1.4 Billion in terms of the Profit before Tax from continuing operations was recorded when compared to the previous year.

Total comprehensive Income Net Tax increased to Rs. 1.2 billion from lst years Rs.411 million while the company’s total liabilities was reduced by 4% to Rs. 3.9 billion.

“The gross profit margins were reduced to11% from last years 14%. This is mainly due to the increase in market prices of LP gas and the increase in foreign exchange rate during the larger part of the year,” Wegapitiya said.

Retained earnings showed a sharp increase of 27% recording Rs.3 billion from last year’s Rs.2.3 billion.

Talking about the future plans Wegapitiya said that they are keen on making Laugfs a global and regional brand and are on the lookout for good regional markets.