Hemas’ third hospital at Thalawathugoda on schedule
View(s):Construction of Hemas’ third hospital at Thalawathugoda is on schedule, and the company expects to serve the first patient on 1st May 2013, Husein Esufally, Chairman Hemas Group has said in his quarterly review up to 31st December 2012.
“During the quarter, we concluded preliminary discussions to introduce dialysis services at our hospitals, a key milestone on our way to becoming a comprehensive healthcare services provider in the community,” he has said. The Healthcare sector posted a revenue growth of 22 per cent to record Rs. 6.7 billion, driven by the growth in Hospitals as well as Pharmaceutical Distribution. The sector posted a healthy earnings growth of 31.1 per cent, to reach cumulative earnings of Rs. 375 million for the year under review. “Our Pharmaceuticals business continued to maintain its market leadership position with a market share of 17.8 per cent in a rapidly growing industry which grew at 18 per cent during the period ending 31st December, 2012. Our Hospital business also posted strong results with a 28.1 per cent growth in turnover during the year under review,” Mr. Esufally has said.
The Group posted a revenue growth of 26.1 per cent to record Rs. 19.2 billion for the period ending 31 December, 2012. “Our Power, Healthcare and FMCG sectors were the main contributors to the increase in revenue, posting a growth of 40.9 per cent 22.0 per cent and 15.4 per cent respectively. Group earnings grew by 25.8 per cent, to record Rs. 1,052 million, driven by FMCG, Healthcare and Transportation sectors which grew at 27.2 per cent, 31.1 per cent and 35.8 per cent, respectively for the period ending December, 2012,” Mr. Esufally has said.
The earnings in Hemas’ Leisure sector swung from a loss of Rs. 8 million last year to a profit of Rs. 98 million this year. The FMCG sector recorded revenues of Rs. 5.6 billion, which is a 15.4 per cent growth over the previous nine months; however, much of this growth was price led.
The sector was the largest contributor to Group earnings posting Rs. 548 million for the period ending 31st December 2012, a growth of 27.2 per cent.
Sales to the modern trade were impacted due to the imposition of VAT on large scale wholesalers and supermarkets introduced in the 2013 Budget proposals, Mr. Esufally has said. “Our Leisure sector enjoyed an excellent nine months posting revenue growth of 49.5 per cent to close at Rs 1.1 billion, largely attributable to a good winter season performance. Club Hotel Dolphin led the sector with a top line growth of 22 per cent per cent and an average occupancy of 85 per cent. Avani Kalutara resort was officially declared open last year,” Mr. Esufally added.
Transportation Sector top line grew by 38 per cent over last year to Rs747 million driven by the performance in the Aviation and Maritime Segments. Sector earnings stood at Rs 217 million, reflecting an impressive growth of 35.8 per cent year-on-year. “Our Power sector recorded a revenue growth of 40.9 per cent reaching Rs 4.4Bn driven by escalating fuel prices.
Despite our ‘Giddawa’ hydro power plant being affected by floods during the quarter, the hydro power segment recorded an increase in revenue of 31.6 per cent for the period, mainly attributable to the improved performance of ‘Magal Ganga’. Sector earnings declined by 14.3 per cent compared with the corresponding period last year due to higher finance costs and exchange losses, most of which were unrealized translation losses. Over the next quarter we expect to continue our pre-development work on new projects in Sri Lanka and in the East-African region,” Mr. Esufally has said.
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