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All sectors perform well:

JKH records Rs 863 m profit in Q3

Plans to construct new hotel in Beruwala:

John Keells Holdings PLC JKH has recorded a profit before tax (PBT) of Rs 1.50 billion for the third quarter. This reflects an increase of 64 per cent compared to the Rs 918 million in the corresponding period in the previous year, while for the nine months ended December 31, 2009, PBT of Rs 3.37 billion reflects a decline of 14 per cent compared to the Rs 3.93 billion in the same period last year.


JKH Chairman
Susantha Ratnayake

The profits attributable to Equity Holders for the third quarter, ended December 31, 2009, of Rs 1.14 billion, reflects an increase of 49 per cent compared to the corresponding period in the previous year.

The Rs 2.36 billion recorded in the first nine months is a decrease of 9 per cent compared to the same period last year, JKH Chairman Susantha Ratnayake said.

The revenue for the third quarter and nine months ended December 31, 2009, were Rs 12.75 billion and Rs 34.06 billion respectively. These being increases of 37 per cent and 9 per cent compared to Rs 9.31 billion and Rs 31.12 billion respectively over the corresponding periods in the previous year, he said.

At a company level, the net profits for the third quarter, ended December 31, 2009 was Rs 863 million being a 21 per cent decrease compared to the Rs 1.09 billion in the corresponding period of the previous year.

The net profits of Rs 2.83 billion for the first nine months was a decrease of 29 per cent compared to Rs 3.96 billion in the corresponding period of the previous year, which included the capital profit of Rs 1.21 billion on the sale of the investment in AMW, he said.

Transport sector PBT for the third quarter increased by 46 per cent to Rs 506 million compared to the same period last year. The PBT of Rs 1.66 billion for the first nine months of 2009/10 was a decrease of 8 per cent compared to the Rs 1.81 billion recorded in the same period last year. South Asia Gateway Terminals continued to perform well.

Leisure sector saw a significant improvement in the third quarter compared to the corresponding period of the previous year.

The third quarter PBT increased by 174 percent to Rs 333 million [2008/09 Q3: Rs 122 million]. This improvement in performance was mainly from the Sri Lankan City hotels and Resort hotels.

The PBT for the first nine months of the financial year was Rs 159 million compared to a loss of Rs 459 million recorded in the same period last year.

During the quarter JKH acquired four acres of land next to the former Hotel Bayroo which gives us a contiguous block of 10 acres on the prime Beruwela beach front on which we plan to construct a 190 room hotel, he said.

The South Wing of the Cinnamon Grand Hotel, comprising of 254 rooms, will be re-furbished during the next few months. In view of the substantial plans for expansion John Keells Hotels announced a rights issue of 1:3 at Rs 10/- per share to raise approximately Rs 3.64 billion.

Property had a decrease of 22 per cent in PBT to Rs 69 million compared to the corresponding period last year [2008/09 Q3: Rs 88 million]. The PBT of Rs 174 million recorded for the first nine months of 2009/10 is a 54 percent decrease compared to the Rs 376 million recorded in the same period last year.

The better performance in the comparative periods of last year was due to the recognition of revenue from the completion of The Monarch.

There has been a significant increase in interest for apartments in recent months and we expect that this will offer opportunities for further projects, he said.

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