Sri Lanka’s John Keells Holdings net up 2-pct in June quarter despite falling finance income

JKH

July 31, 2015 (LBO) – Sri Lanka’s diversified conglomerate, John Keells Holdings profits rose 2 percent to 2.1 billion rupees in the June 2015 quarter from a year earlier, with revenues up just one percent to 21.0 billion rupees, the interim accounts showed.

The firm reported basic earnings of 1.91 rupees per share for the quarter against 1.89 rupees reported a year earlier.

Finance income fell 28.0 percent to 1.59 billion rupees compared to the 2.21 billion rupees income a year earlier.

Segmented results showed consumer foods and retail sector bringing in 627 million rupees of profits (up from 337 million rupees), transportation sector 544 million (up from 463 million), IT sector 57 million (up from 5 million) and financial services 261 million (up from 218 million).

Leisure sector brought in 478 million rupees in profits (down from 582 million) and property sector 192 million rupees (down from 199 million a year earlier).

Transportation sector has contributed to profits with the Bunkering business which has recorded an improvement in margins on the back of an improved local operating environment and the performance of South Asia Gateway Terminals.

The decline of Leisure sector is mainly due the City Hotel sector, where the Group’s 5 star city hotels recorded a decline in occupancies due to the partial closure of Cinnamon Lakeside, the interim accounts said.

The percentage of shares held by the public as at 30 June 2015 was 98.49 percent and the number of public shareholders was 10,343.

Ordinary shares of the company are listed on the Colombo Stock Exchange and Global Depository Receipts are listed on the Luxembourg Stock Exchange.

The stock closed at 198.40 rupees on the Colombo Stock Exchange Thursday.