Sri Lanka's top corporate John Keells Holdings has released interim earnings for the three months to end-June 2011 which has shown group revenue to be Rs. 15.69 billion, a 21% year-on-year (YoY) increase, while profit before tax (PBT) was Rs. 1.88 billion, up 23% YoY, and profit attributable to equity holders was Rs. 1.37 billion, a 35% YoY rise.
According to comments in the interim report by group Chairman Susantha Ratnayake, the transportation group PBT was Rs. 742 million, down 7% YoY, attributed to a stronger Sri Lanka rupee. He also noted that leisure group PBT was Rs. 374 million, up from a loss of Rs. 14 million in the same quarter of the previous year, a result of strong showings by city hotels and the rebounding of Maldivian properties.
Further indicated, the group's property arm "recorded a PBT of Rs. 85 milion for the quarter, a decrease of 41% over the corresponding period last year [2010/11 Q1: Rs. 145 mil ion]." An outcome which Mr. Ratnayake said was due to the cyclical nature of revenue recognition of the local property market.
He also signalled a "Consumer Foods and Retail PBT of Rs. 207 million for the quarter was an increase of 22% over the first quarter last year [2010/11 Q1: Rs. 169 million], primarily due to volume increases in the ice creams and soft drinks businesses." And that "Financial Services PBT of Rs. 422 million for the quarter is a 12% increase over the same period last year [2010/11 Q1: Rs. 377 million], mainly as a result of a significantly better performance by the banking associate Nations Trust Bank."
In addition, he noted that the "Information Technology Group recorded a loss of Rs. 20 million for the three months, compared to the performance over the same period last year [2010/11 Q1: Rs. 0.8 million] due to costs associated with the transition of the BPO business to a new facility." While; "Other comprising of Plantation Services, John Keells Capital and the Corporate Centre recorded a PBT of Rs. 74 million for the three month period, an increase of 43% when compared to the corresponding period last year [2010/11 Q4: Rs. 52 million]."
(JH)
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