Sri Lanka’s John Keells Holdings net up 12-pct on capital gains

COLOMBO (EconomyNext) – Profits at Sri Lanka’s John Keells Holdings, which has interests in ports, tourism, financial services and consumer goods rose 12 percent to from a year earlier to 5.2 billion rupees in the March 2015 quarter helped by capital gains from the sale of stock in an insurer, interim accounts showed.

The group reported earnings of 5.24 rupees per share for the quarter. In the year to March the firm reported earnings of 14.44 rupees on total profits of 14.3 billion rupees per share which grew 22 percent.

The firm had not provided for any tax from retrospective tax of 25 percent extra income tax slapped by the new administration.

Revenues barely grew 1 percent to 22.6 billion rupees and cost of sales was also flat at 15.9 billion rupees allowing gross profits to be flat at 6.7 billion rupees.

Administration expenses fell to 1.9 billion rupees from 2.3 billion rupees and other operating income rose 37 percent to 1.8 billion rupees.

Early in 2015, JKH sold a part of its general insurance unit at a capital gain.

Net finance income also fell 9 percent to 1.32 billion rupees.

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