John Keells Holdings net up 10-pct in June quarter

Jul 28, 2016 (LBO) – Sri Lanka’s diversified John Keells Holdings group profit after tax grew 10 percent to 2.6 billion rupees in the June quarter, from a year earlier with revenue climbing eight percent, the interim accounts showed. The consumer goods and transportation sectors posted strong growth of over 20 percent, while property, financial services and IT recorded negative growth for the quarter. The firm reported basic earnings of 1.74 rupees per share for the quarter, against 1.66 rupees reported a year earlier. The share closed at 140 rupees on Thursday. Revenue was up 8 percent to 22.7 billion rupees and cost of sales fell 6 percent to 16.0 billion rupees resulting in gross profit increasing by 6 percent to 6.6 billion rupees. Selling expenses rose 21 percent to 958 million rupees while other operating income increased marginally by 4 percent to 794 million rupees. Finance income rose 32 percent to 2.1 billion rupees and finance cost rose 157 percent to 271 million rupees. Segmented results showed consumer foods and retail sector bringing in 924 million of profits (up from 627 million) and transportation sector 694 million rupees (up from 544 million). Property sector 48,9 million rupees (down from up from 192 million).