Sri Lanka’s John Keells Plc June quarter net down 25-pct
ECONOMYNEXT – Sri Lanka’s John Keells Plc, a commodity broker, said net profits fell 25 percent from a year ago to 45 million rupees in the June 2018 quarter on falling revenues from trading in tea and rubber and stock broking unit.
John Keells Plc reported earnings of 74 cents a share in the quarter, interim results filed with the Colombo Stock Exchange showed. The share last traded at 55 rupees.
June quarter revenue fell 4 percent from a year earlier to 206.8 million rupees, but cost of sales growing at a faster 15 percent to 69.5 million rupees saw gross profits contract 11 percent to 137.3 million rupees.
Administrative expenses grew 1 percent from a year earlier to 61.9 million rupees and distribution costs grew 15 percent to 3.4 million rupees.
Other operating income fell 99 percent to 30 thousand rupees in the quarter, down from 3.73 million rupees a year earlier.
Finance costs in the June quarter was 24.4 million rupees, up marginally from a year earlier while finance income grew 3 percent to 16.4 million rupees, contracting net finance expenses by 4 percent to 8 million rupees.
The company reported a 12.6 million gain on financial assets available for sale in the June 2018 quarter, compared to loss of 11.8 million rupees the previous year.
In segment results reported by John Keells Plc, revenue from tea and rubber broking fell 1.36 percent from a year earlier to 140.2 million rupees in the June 2018 quarter and revenue from stock broking (John Keells Stockbrokers) fell 19.5 percent to 42.4 million rupees.
Revenue from tea warehousing operations grew 20.4 percent to 25.7 million rupees.
John Keells Plc is a unit of listed group of companies John Keells Holdings which reported revenues of 121.2 billion rupees for the year to end March 2018, up 14 percent from a year earlier.
A John Keells Holdings share closed Friday at 148.10 rupees. (COLOMBO, 22 July 2018)