Sri Lanka’s JKH net up 8-pct in September 2016 quarter

Nov 04, 2016 (LBO) – Sri Lanka’s diversified conglomerate John Keells Holdings group net profits rose 8 percent to 3.8 billion rupees in the September quarter from a year earlier, the interim accounts showed.

The firm reported basic earnings of 2.77 rupees per share for the quarter against 2.65 rupees reported a year earlier.

Group sales rose 14 percent to 16.3 billion rupees in the quarter with revenues up by 13 percent to 25.7 billion rupees.

For the six months to September, profits rose 9 percent to 6.1 billion rupees from a year earlier with 4.52 rupees per share as basic earnings.

In segmented results, group’s transportation business witnessed 18 percent profit decrease over the second quarter of previous year due to the lower contribution from the Group’s Bunkering business and to a lesser extent the Ports business.

The Leisure industry group profit of 1.4 billion rupees is an increase of 54 percent over the previous with City Hotels sector and Sri Lanka Resorts segment witnessing an increase in occupancy and average room rates across all properties.

The Property industry group reported 52 million profit in the second quarter, which is a decrease of 81 percent.

The firm said the corresponding quarter of the previous year included revenue from the “7th Sense” on Gregory’s Road residential development project which has since been completed.

The Consumer Foods and Retail industry group profit of 1.6 billion rupees in the second quarter is an increase of 55 percent over the previous financial year, with both sectors contributing to the improved performance.