Share prices of John Keells Holdings (JKH) have crashed by 50 % year-on-year (September 15, 2007 to September 15, 2008) as the group tries to recover from the reversal at subsidiary Lanka Marine Services Ltd (LMSL), figures in the Colombo Stock Exchange (CSE) website show. The stock closed on Monday at Rs 85.25, down Rs 3.75 from the last traded levels. On Thursday, the JKH traded at Rs. 81.
According to these figures, JKH fell 11 % on a weekly to September 15 basis, 17% for the month to September 15 and 30 % for the quarter to September 15, 2008. Stock analysts said that transportation – LMSL and SAGT – represent more than 60 percent of the earnings and profits in the company and the loss of the monopoly in the bunkering business would have a huge impact on the group. LMSL last week vacated the oil tank farm premises in Colombo in accordance with a Supreme Court judgment.