JKH Sept quarter net profit down 55-pct amid Easter Sunday impacts

Nov 01, 2019 (LBO) – Sri Lanka’s diversified John Keells Holdings said its profits for the second quarter were mainly impacted by the Easter Sunday impacts on the leisure businesses and the decline in finance income.

The profit attributable to equity holders in the second quarter at Rs.2.29 billion is a decrease of 55 percent over the corresponding period of the previous financial year, whilst the first six months' performance at Rs.

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3.28 billion is a decrease of 55 percent over the previous financial year.
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Chairman of JKH, Krishan Balendra said in his review that the profit attributable to equity holders in the second quarter to 2018/19 includes a recognition of a deferred tax asset at Union Assurance PLC.

The Group has focused on the shift in the composition of its earnings, targeting a greater contribution from higher ROCE earning industry groups such as Consumer Foods, Retail, and Financial Services.

Group EBITDA at Rs.4.80 billion in the second quarter of the financial year 2019/20 is a decrease of 25 percent over the adjusted EBITDA of Rs.6.41 billion recorded in the previous financial year.

The Transportation industry group EBITDA of Rs.1.12 billion in the second quarter of 2019/20 is a decrease of 3 percent over the adjusted EBITDA for the second quarter of the previous financial year.

The Group’s Bunkering business, Lanka Marine Services (LMS), recorded strong growth in profits driven by improved margins.

Whilst the Group’s Ports and Shipping business, South Asia Gateway Terminals (SAGT), recorded an increase in domestic throughput for the quarter under review, profitability was impacted by a decline in overall volumes due to a disruption in operations in August 2019.

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The Financial Services industry group EBITDA of Rs.563 million in the second quarter of 2019/20 is a marginal decrease over the adjusted EBITDA for the second quarter of the previous financial year.

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The performance of Union Assurance recorded a marginal decline whilst the Nations Trust Bank recorded an improvement in profitability.

The Leisure industry group EBITDA of Rs.134 million in the second quarter of 2019/20 is a decrease over the adjusted EBITDA for the second quarter of the previous financial year [2018/19 Q2: Rs.1.14 billion].

The decline in profitability is on account of the negative impacts of the Sri Lankan leisure business as a result of the Easter Sunday terror attacks in April 2019.

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The partial closure of Cinnamon Dhonveli Maldives for refurbishment and start-up costs related to Cinnamon Hakuraa Huraa Maldives and new resort, Cinnamon Velifushi Maldives were also among other factors.

The Retail industry group EBITDA of Rs.1.02 billion in the second quarter of 2019/20 is an increase of 136 percent over the adjusted EBITDA for the second quarter of the previous financial year.

The Supermarkets business EBITDA of Rs.

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810 million in the second quarter of 2019/20 is an increase of 131 percent over the adjusted EBITDA for the second quarter of the previous financial year.

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