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| Wednesday, 14 July 2004 |
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Q1 performance at JKH exceptional : Pre Tax profit increase by 61% to 759m John Keels Holdings a diversified blue chip company recorded exceptional performances for the first quarter 2004/05 with pre-tax profits of the group (before Exceptional Items) increasing by 61 % to Rs. 759 Million. The Group's Revenue for the quarter ended June 2004 has also grown by 17% to Rs. 5.2 Billion. Net Profit Attributable to Shareholders recorded a phenomenal increase of 1088% to Rs. 537 Million. Chairman of John Keels Holdings, V. Lintotawela in his review on quaterly performance said that JKH, maintained the momentum of 2003/2004 in registering a strong first quarter 2004/2005 performance highlighted by Profit Attributable to Shareholders of Rs 537 million compared to Rs 45 million the previous year, an increase of 1088 per cent and a Pre-Tax Profits, prior to exceptional items, of Rs 759 million, an increase of 61 per cent over the corresponding period in the previous year. Group Turnover at Rs 5.2 billion was 17 per cent over the Rs 4.4 billion recorded in the corresponding period in the previous year. The quarter also witnessed the furtherance of a number of Group-wide change initiatives including formalised Corporate and Social Responsibility Programme, a SAP based ERP, a new Reward and Recognition Scheme for Group employees previously contracted Group Sourcing benefits", Lintotawela said. "The Food and Beverage Sector recorded a Profit Before Tax of Rs 43 million which, though better than the loss of Rs 589 million recorded in the VRS affected first quarter 2003/2004, was still below expectations In the Transportation Sector, the availability of higher capacity and a greater level of activity at the Port of Colombo resulted in good contributions from South Asia Gateway Terminals and Lanka Marine Services", he said. "Despite the sluggish arrivals in April, a recovery in May coupled with higher average room rates, during the quarter, enabled the Resort Hotels and In-bound Tour Operations to record healthy profit growth. The City Hotels, namely Colombo Plaza and Trans Asia, and the Maldivian Hotels also performed well during the quarter", he said. The Information Technology Sector, registered higher profitability compared to the corresponding period of the previous year, although still not performing to its full potential", he said. |
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