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Sri Lanka’s JKH’s net up 31 pct in September quarter

Nov 04, 2015 (LBO) – Sri Lanka’s diversified conglomerate John Keells Holdings profits rose 31 percent to 3.
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47 billion rupees in the September 2015 quarter from a year earlier, with revenues up by five percent to 22.68 billion rupees, the interim accounts showed.
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The firm reported basic earnings of 3.05 rupees per share for the quarter against 2.
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34 rupees reported a year earlier. Group sales rose five percent to 22.
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7 billion rupees in the quarter.

Group’s transportation business witnessed an 844 million rupees of profit before tax in the second quarter of 2015/16 is an increase of 53 per cent over the second quarter of the previous financial year. “The improved performance is attributable to the Group’s Ports and Bunkering businesses,” Susantha Ratnayake, chairman of John keells Holdings told shareholders. “The Bunkering business witnessed an improvement in volumes on the back of an increased demand for supplies over Colombo and maintained its market leadership position.
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” Leisure sector brought in 885 million rupees in profits before tax down by 23 percent compare to the same quarter last year due to the partial closure of Cinnamon Lakeside which negatively impacted overall occupancies and profitability of the City Hotels sector, the company said. Property sector reported 273 million rupees of profit before tax down from 341 million a year earlier.
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The decline is mainly on account of the lower revenue recognition of the “OnThree20” residential development project which was completed in the previous financial year.

Segmented results showed consumer foods and retail sector bringing in 1.04 billion rupees of profits before tax up by 109 percent over the second quarter of the previous financial year.
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IT sector reported 23 million down from 112 million rupees and financial services profit before tax was down 35 percent to 299 million rupees due to the performance of Nations Trust Bank as a result of mark to market losses on its bond portfolio due to an increase in the long end of the yield curve and lower than anticipated growth in its loan book.
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