John Keells Holdings profits up

John Keells Holdings PLC Chairman Susantha Ratnayake in his message of the interim report nine month period ended December 31, 2011 stated that the group revenues of Rs 21.14 billion and Rs 54.27 billion in the third quarter and the first nine months of 2011-2012 were 35 percent and 28 percent above the Rs 15.62 billion and Rs 42.50 billion recorded in the corresponding periods of the previous year.

Group gross profits of Rs 5.45 billion and Rs 12.40 billion in the third quarter and the first nine months of 2011/2012 were 32 percent and 33 percent above the Rs 4.12 billion and Rs 9.35 billion recorded in the corresponding periods in the previous year.

The recurring Group profit before tax (PBT) of Rs 3.39 billion for the quarter and Rs 7.39 billion for the first nine months of the financial year 2011/2012 grew by 44 percent and 33 percent respectively compared to Rs 2.36 billion and Rs 5.54 billion in the corresponding periods in the previous year, excluding the gains of Rs1.79 billion from the sale of stakes in Asian Hotels and Properties PLC (AHPL) and John Keells Hotels PLC (KHL). Group PBT was Rs 3.39 billion for the quarter and Rs 7.39 billion for the first nine months of the financial year 2011/2012, compared to the PBT of Rs 2.36 billion and Rs 7.33 billion in the corresponding periods in the previous year. As stated above the previous year’s PBT for the first nine months included capital gains of Rs 1.79 billion.

While the recurring profits attributable to Equity Holders grew by 55 percent for the quarter and 46 percent for the first nine months, the profits attributable to Equity Holders for the quarter and first nine months of the financial year 2011/2012 were Rs2.73 billion and Rs 5.68 billion respectively as against Rs 1.76 billion and Rs 3.9 billion recorded in the corresponding periods in the previous year.

The Company’s PBT was Rs 919 million for the quarter and Rs 2.42 billion for the first nine months of 2011/2012 compared with the PBT of Rs 1.12 billion and Rs 4.44 billion in the corresponding periods in the previous year which included the capital gains.

Transportation PBT for the quarter increased by 44 percent to Rs 879 million [2010/11 Q3: Rs 611 million] on the back of improved performance in all segments.

Property recorded a PBT of Rs 319 million for the quarter, compared to a PBT of Rs 222 million recorded in the same period last year, reflecting a growth of 44 percent.

The revenue recognition from the ‘Emperor’ project and the ‘OnThree20’ project were the main contributors to the sector’s performance this quarter. The construction of the Rs 8.0 billion ‘OnThree20’ project is progressing as planned.