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John Keells Holdings' Group net earnings increased 262 percent for the nine months ended December 31, 2002 and consolidated revenue grew by 39 percent over the corresponding period last year, the Company announced yesterday.

While a strong earnings performance was witnessed in most sectors, bottomline was mainly boosted by contributions from the transportation and food and beverage sectors and a turnaround in leisure sector. Increased rainfall in the last quarter dampened the momentum of the food and beverage sector which however maintained a moderate level of growth from the corresponding period last year, Chairman Vivendra Lintotawela said.

While sales of Carbonated beverages were affected by bad weather this was compensated by steady growth in demand for our ice creams and improved performance by Keells food products and the restaurants, this coupled with greater labour efficiencies at Ceylon Cold Stores should boost sector earnings during the rest of the year.

The Transportation sector has more than doubled its pre tax profits for the nine months. the Group's recent acquisition of a 90 percent stake in Lanka Marine services (LMS) and the speedy progress made at SAGT have significantly contributed towards this end.

"We are confident that steps taken in improving efficiencies at LMS including the initiation of a voluntary retirement scheme would lead to the desired benefits," he said.

The leisure sector has registered a marked turnaround in profitability albeit from one of the worst quarters for local tourism following the attack on the Colombo airport and the events of September 11.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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