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Friday June 14th, 2024

Sri Lanka’s John Keells Holdings net up 18-pct in March

ECONOMYNEXT – Profits at Sri Lanka’s John Keells Holdings grew 18 percent to 3.7 billion rupees in the March 2020 quarter from a year earlier, interim accounts showed, with only a marginal impact from Coronavirus in the quarter.

The diversified group which has interests in property, container transshipment, hotels and fast moving consumer goods reported earnings of 3.18 rupees for the quarter.

In the year to March JKH reported earnings of 7.14 rupees, on total profits of 9.4 billion rupees, down 38 percent from a year earlier.

Total revenues grew 3 percent to 37.1 billon rupees, cost of sales grew 8 percent to 30 billion rupees and gross profits was down 14 percent to 7.0 billion rupees at group level.

JKH said bunkering profits grew with better margins. South Asia Gateway Terminals its container terminal became liable for tax.

Soft drinks and ice cream businesses had grown in January and February but curfews had hit sales in March.

“Both businesses recorded encouraging volume growth in the months of January and February, where volumes grew approximately 20%-30%, on average,” the firm said.

“However, the imposition of island-wide curfew due to the COVID-19 pandemic caused disruptions in sales in the last 2 weeks of March 2020, which is a peak sales month, resulting in a steep decline in volumes, thereby impacting overall volumes for the quarter.”

“The Supermarket business recorded a strong performance driven by a notable contribution from new outlets and growth in same store sales.

“Same store sales recorded an encouraging growth of 5.7 per cent in January and February 2020.

However, similar to the impacts in the Consumer Foods businesses, a steep decline in same store sales was recorded in March due to the imposition of curfew which resulted in outlets being closed during the latter half of March 2020. Consequently, same store sales for the quarter was 1.7 per cent.

Hotels which were recovering from a Easter Sunday attack in 2019 were again hit by the Coronavirus.

In property 19 units were sold in the Trizen apartment project before Coronavirus curfews led to a closure

Property projects had since resumed construction.

Unspecified administrative expenses rose 25 percent to 3.2 billion rupees.
Finance income was up 50 percent to 2.8 billion rupees. Fair value gains rose 77 percent to 573 million rupees.

Income taxes were down 26 percent to 1.2 billion rupees. (Colombo/Mar21/2020)

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Sri Lanka opposition leader proposes Grama Rajya system in addition to 13A

Opposition leader Sajith Premadasa (r) – File photo

ECONOMYNEXT — Sri Lanka opposition leader Sajith Premadasa has proposed devolving power to the village level through a Grama Rajya system in addition to implementing the 13th amendment to the constitution.

Speaking at an event in Jaffna on on Wednesday June 12, Premadasa said all provinces will benefit from the 13th amendment.

“Whatever one’s ethnicity, religion, status or region, this country has citizens of equal level. They’re all Sri Lankan citizens.

“There is no division or grouping.  As we give you and every other province what you should be given through the 13th amendment, we must implement a Grama Rajya system,” Premadasa said, addressing a crowd of school children and other attendees.

Premadasa’s assurance of implementing the 13th amendment has already drawn some protest in the south.

A collective of civil society organisations held a protest outside the office of the leader of the opposition in Colombo on Thursday June 12.

Calling itself the ‘Coalition Against Partition of Sri Lanka’, the group carrying national flags marched up to the opposition leader’s office Thursday June 13 morning and demonstrated against the full implementation of the 13th amendment.

“We arrived here today to hand over a missive against devolving police powers, land powers and judicial powers. If Mr Premadasa is inside, come outside,” Jamuni Kamantha Thushara, Chairman of the Citizen’s Movement Against Fraud, Corruption, and Waste, was seen declaring at the site.

“First of all, tell us what we stand to achieve by dividing and giving away the north and east,” said another protestor, warning against bringing the 13th amendment “anywhere here (paththa palaathe)”.

A police officer at the scene the protestors that a secretary to the opposition leader was ready to accept their letter.

“In Kilonochchi, he says the 13th amendment will be implemented. The votes in the north are going to be decisive this election. To win those votes, President Ranil Wickremesinghe, Sajith and Anura Kumara Dissanayake all say they will implement the 13th. We will not allow this country to be divided into nine pieces,” said Thushara.

Ven Balangoda Kassapa Thero, who was arrested on June 06 during a protest against the new Electricity Act, was also seen at Thursday’s protest. The Buddhist monk requested for a debate with Premadasa on the matter of the 13th amendment. (Colombo/Jun12/2024)

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Sri Lanka rupee closes flat at 303.85/95 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed broadly flat at 303.85/95 to the US dollar on Thursday, from 303.80/304.00 to the dollar the previous day, dealers said. Bond yields were down.

A bond maturing on 15.12.2026 closed at 10.00/30 percent, down from 10.20/40 percent.

A bond maturing on 15.10.2027 closed at 10.60/75 percent.

A bond maturing on 01.07.2028 closed at 11.00/15 percent, down from 11.15/40 percent.

A bond maturing on 15.09.2029 closed at 11.80/85 percent.

A bond maturing on 15.05.2030 closed at 11.85/12.05 percent, down from 11.90/12.05 percent.

A bond maturing on 01.10.2032 closed stable at 11.95/12.15 percent. (Colombo/Jun13/2024)

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Sri Lanka sells Rs295bn in 2027 to 2031 bonds

ECONOMYNEXT – Sri Lanka has sold 295 billion rupees in 2027, 2029 and 2031 bonds, data from the state debt office showed.

The debt office sold an offered 60 billion rupees of 15 October 2027 at an average yield of 10.30 percent.

All offered 125 billion rupees of 15 September 2029 bonds were sold at 11.00 percent.

All 110 billion rupees offered of 01 December 2031 bonds were sold at 12.00 percent. (Colombo/May13/2024)

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