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Hemas records Rs. 3.1 b turnover for quarter ended Sept. 30

GROWTH: Hemas Holdings Ltd (HHL) a leading diversified business corporate in the country has recorded a turnover of Rs 3.1 billion and earnings of Rs 295 million during the quarter ended September 30 2006.

The company reflected a year on year growth in turnover of 26 per cent and growth in earnings of 100 per cent, HHL Chief Executive Officer (CEO) Husein Esufally said.

For the first half of the financial year, turnover and earnings grew by 19 per cent and 52 per cent over the corresponding period last year.

The high profit growth was largely due to the turnaround performance of the leisure sector and the increase in power sector reported earnings, he said.

During the period in focus of Fast Moving Consumer Goods (FMCG) sector have reported an impressive 17 per cent increase in turnover resulting in a net profit of Rs 236 million for the six months ended September 30 2006 a growth of four per cent last year.

The Personal Care division maintained its market share with core brands such as Baby Cheramy, Clogard, and Kumarika either maintaining or strengthening their market positions.

Investments in growing the Food and Homecare divisional turnover up by 125 per cent and key brands like Diva and velvet recording impressive market performance through significant penetration into their respective segments.

A dedicated unit for international business development has now been set up with a view to entering at least one market in the Asian region in the near future.

Approval has been obtained under the Nipayum Sri Lanka programme and plans are underway to relocate the manufacturing facilities to Dankotuwa in the Puttalam district to avail of the incentives offered.

Healthcare Sector posted increases of 14 per cent in turnover and 21 per cent in profits over the first half.

Most significant matter being a joint venture with Columbia Asia to set up a 100 bed hospital in Wattala, which is expected to commence later this year.

The own brands pharmaceutical business, which was being downsized due to conflict with our agency portfolio, was finally disposed during the October, he said.

(HS)

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