United Motors sees profits double
View(s):United Motors Group profit for the first nine months of 2015/16 doubled to Rs. 1.48 billion in comparison to Rs. 723 million achieved for the same period last year. Group Revenue for the first nine months increased by 50 per cent to Rs. 11.7 billion from Rs. 7.8 billion during the corresponding period last year, a company media release said. ”All companies within the group have shown significant improvements in performance in comparison to the previous year.
Despite challenging market conditions Mitsubishi sales both passenger and commercial segments have shown healthy growth during the year while the truck and bus segment showed a significantly higher contribution,” it said. UML’s after sales division as well as the Valvoline lubricant division also performed well during the same period, the release said adding that UML’s fully owned subsidiary Unimo Enterprises Ltd capitalised on the Perodua Axia, the latest under the 1000cc car introduced by the company. “The demand was very encouraging for the newly introduced 6-seat Diesel Multi-Purpose Vehicle (MPV), DFSK Glory as it was a completely new segment for the company.
TVS Lanka also contributed by achieving its highest volumes for two wheeler and three wheeer sales with a significant increase in market share compared to the previous year.” Commenting on the group’s performance, Chanaka Yatawara, Group CEO/Executive Director was quoted as saying that he was happy that most strategic initiatives taken in the areas of products and services were paying off. The new products introduced during the year and the expansion of service facilities has given the company access to a greater segment of customers in the country resulting in increased sales and brand loyalty.