For nine months ended December 31, 2009:
Hemas Holdings posts consolidated revenue of Rs 11.3 Bn
For the nine months ended December 31, 2009, Hemas Holdings PLC has
posted consolidated revenues of Rs 11.3 bn, a decrease of 4.5 percent
compared to the corresponding period in 2008.
Husein Esufally |
The main reason for the decrease is the pass through effect of lower
oil prices in the thermal power business. Profits for the quarter under
review registered Rs 247 mn which represents a growth of 24.5 percent;
although profits for the nine months dipped marginally by 1.5 percent to
close at Rs 565 mn Hemas Holdings Director and Chief Executive Officer
Husein Esufally said.
For the nine months under review, FMCG revenues grew 14.2 percent to
Rs 4.0 bn and profits grew by 29.6 percent to close at Rs 474 mn.
Industry growth remained flat over 2009 with rural demand helping to
offset lower demand in the urban sector.
The healthcare sector, represented by pharmaceutical distribution and
hospitals, posted a turnover for the nine months of Rs 3.7 bn, a growth
of 34.6 percent and profits of Rs 89 mn, a 21.8 percent rise. “Our
Pharmaceutical business extended its market leadership and now holds
16.5 percent (Source: IMS) of the private market,” he said.
“While the leisure sector recorded a profit for the quarter ended
December 2009, the cumulative profit is yet to turn into positive
territory. However, all our hotels are currently experiencing high
occupancy rates with increased room rates, and this trend will promise
healthy levels of profitability going forward,” he said.
“Transportation sector profits declined 19.8 percent for the nine
months under review, mainly due to an overall contraction in the market
size. However, we anticipate the industry to turnaround next year and
hence a growth in earnings,” he said.
“The power sector has recorded a 22.2 percent drop in profits over
the nine months, largely due to the planned overhaul costs in
Heladhanavi, our Thermal Power plant. However, the quarter ending
December 2009 has been a good one for the business with profits from
renewable energy kicking in, leading to a 26.3 percent growth in
profits. In December we concluded the acquisition of Senok Mark Hydro (Pvt)
Ltd, a 2.6 MW hydro power plant in Lindula, for a consideration of Rs
196 mn,” Esufally said. |