John Keells Holdings PLC (JKH), on Thursday reported that 3rd quarter 2009(to December) net profit fell sharply by 44% to Rs 765 million which stock-market analysts attributed to the crisis at a marine fuelsubsidiary, Lanka Marine Services (LMS).
Group revenue for the nine months ended 31 December 2008 increased by 7 % to Rs. 31.1 billion while pre-tax profit fell by 4 % to Rs. 3.9 billion. In a press statement on the interim results, JKH said consolidated net profit for the period under review fell by 19 % to Rs. 2.6 billion.
"At a JKH company level, profits after tax for the nine months of FY2008-09 increased by 132 % to Rs. 4 billion," the statement said adding that the group performance was affected by the one-off charges in additional taxes and write offs at LMS which was adversely affected by a Supreme Court judgment on its privatization.
JKH Chairman Susantha Ratnayake told shareholders that the environment that confronts 'us is one that demands a different approach to business and our experience in handling change will undoubtedly prove to be beneficial in this instance.' He said the company remains positive and confident of overcoming the challenges ahead. |
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