John Keells Holdings profits up 9-pct in June

ECONOMYNEXT – Profits at Sri Lanka’s John Keells Holdings rose 9 percent to 2.3 billion rupees in the June 2016 quarter from a year earlier, helped by higher interest income, stronger port operations and consumer goods growth.

The group reported earnings of 1.74 rupees per share in interim accounts filed with the Colombo Stock Exchange.

Revenues rose 8 percent to 22.7 billion rupees in the quarter from a year earlier, costs rose 6 percent to 16.0 billion rupees and net interest income rose 12 percent to 6.6 billion rupees.

Chairman Susantha Ratnayake told shareholders that South Asia Gateway Terminals recorded double digit growth in throughput, bunkering margins rose but volumes were hit by bad weather with shipping sector pre-tax profits up 27 percent to 711 million rupees.

Consumer goods and retail sector profits rose 48 percent to 1.3 billion rupees. Frozen confectionary and beverages had seen double digit volume growth. Retail average basket sizes and footfalls were higher in existing stores, and new ones had also boosted growth he said.

Leisure sector was flat with 558 million rupees in profits with June arrivals hit by travel warnings over landslides and floods. But city hotel occupancy was up and resorts had pushed up yields. Maldives was recovering slowly from ‘political events’, he said.

Property profits were down. In financial services, margins are Nations Trust Bank had narrowed. (Colombo/July28/2016)

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