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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » LAUGFS Gas PLC records Rs 1.14 billion profit

LAUGFS Gas PLC records Rs 1.14 billion profit

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CSE.SAS

CSE.SAS
Global Moderator
Laugfs Gas PLC and its subsidiaries once again performed strongly despite a gloomy environment created for its energy sector operations with escalating global LP Gas prices coupled with depreciation of the Sri Lanka Rupee against the US dollar, as Central Bank adopted policy of non-intervention in the foreign currency market.

The group consists of three subsidiaries operating in the spheres of Vehicle Emission Testing, Leisure and Property Development.

Laugfs Gas PLC and its subsidiaries, according to the un-audited financial statements for the year ended March 31, 2012 has posted a record turnover of Rs. 9.17 billion which is a 30% increase over the corresponding period.

The Group recorded Rs. 1.14 billion profit before tax which is a growth of 10% over last year. As far as the financial position is concerned as at march 31, 2012 the Group Net Asset Value grew by 5.7% over last year to Rs. 6.4 billion.

The Group maintained healthy liquidity situation during the period under review and the net generation of cash from operating activities were Rs. 960.8 million whereas it Rs. 868.8 million last year.

Laugfs Gas PLC as the parent company also performed well under difficult circumstances of escalating global LP Gas prices and currency deprecation, making the cost of imports surging, recorded a revenue growth of 29% .

The Laugfs Eco Sri (Pvt) Ltd engaged with Vehicle Emission Testing Services has extended its operations to all provinces in the country excluding North since the announcement of the government, making the vehicle emission testing mandatory for the whole country for the purpose of annual renewal of licenses for the relevant classes of motor vehicles.
http://www.dailynews.lk/2012/05/31/bus07.asp

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