Sri Lanka JKH profits up 32-pct supported by port and shipping sector

Jan 27, 2017 (LBO) – Sri Lanka’s John Keells Holdings net profits were up 32 percent to 5.15 billion rupees in the December 2016 quarter from a year earlier, the company said in a statement.

“The profit attributable to shareholders for the third quarter was 5.15 billion rupees, up by 32 percent from a year earlier, growing by 18 percent to 11.29 billion rupees in the first nine months,” it said.

The Group revenue for the quarter was up 12 percent to 27.94 billion rupees while in the first nine months it grew by 11 percent to 76.43 billion rupees.

The firm reported earnings of 3.73 rupees per share for the quarter.

Leisure, consumer foods and retail, transportation, financial services and transportation were major contributors for JKH’s bottom line and top line.

“Significant increase in profitability is mainly attributable to the Group’s ports and shipping, and bunkering businesses,” Susantha Ratnayake, chairman of JKH said.

Accordingly profits at transportation were 817 million rupees, up from 418 million. Tourism sector profits rose to 1,197 million from 1,088 million rupees.

“Occupancy was up in both Maldives and Sri Lanka,” the chairman added.

Profits from consumer foods were up to 908 million from 759.

Financial services sector reported profit before tax of 1.14 billion rupees in the quarter, up 17 per cent over the same period the previous year.

The property sector saw profit before tax of 196 million rupees fall 65 per cent in the quarter.

The information technology sector posted profit before tax of 195 million in the third quarter, up from 92 million rupees in the same quarter the previous year.