JKH records Rs 1.86 b PBT

For the six months ended September 30, 2009:

John Keells Holdings PLC (JKH) recorded Profit Before Tax (PBT) for the six months and quarter ended September 30, 2009, as Rs. 1.86 billion and Rs. 905 million respectively, these being decreases of 38 percent compared to Rs.3.01 billion and 51 percent compared to Rs. 1.86 billion respectively, the company interim report said.

The profits attributable to Equity Holders for the six months, ended September 30, 2009, of Rs. 1.22 billion, reflected a decrease of 34 percent compared to the same period last year and the quarterly results of Rs. 575 million, reflects a decrease of 43 percent compared to the corresponding period in the previous year, said JKH Chairman S.C. Ratnayake.

The revenue of Rs. 21.30 billion for the first six months of the year was two percent below the Rs. 21.82 billion recorded in the corresponding period of the previous year, while the revenue of Rs. 11.23 billion for the quarter, ended September 30, 2009, was five percent above the revenue of Rs. 10.73 billion in the corresponding period of the previous year, he said.

At a company level, the net profits for the six months, ended September 30, 2009 was Rs. 1.96 billion being a 32 percent decrease compared to Rs. 2.87 billion in the corresponding period of the previous year.

The net profit of Rs. 162 million, was a decrease of 94 percent compared to Rs. 2.52 billion in the corresponding period of the previous year due to timing of dividends received from subsidiary and associate companies and the capital gain from the divestment of AMW that were included in 2008/09.

“The end of the conflict offers unprecedented opportunities to all our businesses. Given our exposure to key segments of the economy and our strong balance sheet, we are well positioned to benefit from the opportunities the new environment presents.

We have already invested in increasing our presence in the North-East in the Consumer Foods and Retail Industry Group and the Financial Services Industry Group and will be upgrading the Club Oceanic Hotel commencing December 1, 2009”, he said.