MTD Walkers digs Rs.3.4bn hole in balance sheet as accumulated losses mount

MTD Walkers PLC lost Rs.4.5 billion for the fiscal year ended in March 2020 (FY19/20), along with a Rs.3.4 billion hole in the balance sheet, the long overdue financial results filed with the Colombo Stock Exchange (CSE) showed. 

For the 12 months ended in March 2020, the troubled civil engineering juggernaut recorded revenues of Rs.5.7 billion, nearly half of Rs.10.8 billion it reported in the last financial year. At operating level, the company lost Rs.1.4 billion, compared to a profit of Rs.129.9 million in the last financial year. 

MTD Walkers lost Rs.4.5 billion in the financial year under review, compared to a net loss of Rs.3.2 billion in the previous year. This created a Rs.3.4 billion hole in the balance sheet, from an equity of Rs.1.2 billion last year. 
The company paid Rs.3.2 billion net financial expenses for the year, down from Rs.4.0 billion last year, as it settled loans of about Rs.3.6 billion on a 
net basis.  By March 2020, the company had Rs.24.2 billion in both short and long-term loans, Rs.10.5 billion in trade and other payables and Rs.4.2 billion due to related parties. 

The company had trade and other receivables of Rs.18.3 billion and a cash balance of Rs.742 million.  The company remains in the Watch List of the CSE for the non-submission of financial statements for the quarter ended on June 30, 2020.

As at March 31, 2020, Malaysia-based MTD Capital Bhd had a 90.78 percent stake in 
MTD Walkers.