Sri Lanka’s John Keells Holdings net up on insurance gain
ECONOMYNEXT – Profits at Sri Lanka’s John Keells Holdings Plc rose 100 percent to 9.96 billion rupees in the March 2018 quarter, from a year earlier helped by transfers and one-off gains from its insurance unit.
The group reported earnings of 7.18 rupees per share. In the year to March, it reported earnings of 15.15 rupees per share on total profits of 21 billion rupees, which were up 29 percent from a year earlier.
Group gross profits grew 2 percent in the quarter to 8.6 billion rupees, with revenues up 12 percent to 33.5 billion rupees and costs rising 17 percent to 24.9 billion rupees.
Net finance income was down 3 percent to 2.65 billion rupees.
The group had short term investments of 64.3 billion rupees down from 79 billion a year earlier.
Change in insurance contract liabilities was a positive 1.1 billion rupees, from a negative 1.3 billion rupees a year earlier.
There was another 3.38 billion rupee one off insurance transfer surplus in the quarter. JKH said the one off gains were due to a change in accounting policy mandated by regulations.
Fair value gains rose to 896 million rupees from 473 million a year earlier. (Colombo/May25/2018)