Hemas revenues up but post-tax profits decline
View(s):Hemas Holdings has reported consolidated revenues of Rs 7.2 billion, up 14.5 per cent for the quarter to June 2013 while operating profits of the group was Rs 490 million against Rs. 451 million in the corresponding 2012 quarter.
However the group suffered a drop in earnings of 17.2 per cent to Rs. 277 million while profit after tax declined by 18.6 per cent to Rs. 280 million due to the startup losses at the new hospital at Thalawathugoda, and the closure of Hotel Dolphin and Sigiriya since early this year. “Nevertheless the group’s underlying profit after tax adjusted for these events, posted a growth of 19.1 per cent over the previous year,” according to Group CEO Husein Esufally.
He said group revenue during the period under review was largely driven by the Healthcare, FMCG and Transportation sectors which recorded growths of 23.0 per cent, 25.3 per cent and 57.3 per cent, respectively.
Group operating profits were boosted by Power, FMCG and Transportation sectors.
The Healthcare sector registered revenues of Rs 2.7 billion, a growth of 23.0 per cent over the same period last year, driven by the positive performance of both the Pharmaceutical distribution and Hospital businesses.
Leisure sector revenue dropped by 27.8 per cent to Rs 209 million due to the closure of Club Hotel Dolphin and Hotel Sigiriya for refurbishments.
The leisure industry recorded over 500,000 tourist arrivals for first half of the year, up from the same period last year. However, the conversion of these arrivals to guest nights was not clearly visible in the occupancies recorded by the industry.
“Our acquisition of the controlling stake in J.L. Morison and a 29.3 per cent stake of Panasian Power PLC, commencement of operations at our new hospital and refurbishments of two of our hotels have made this an eventful quarter. We believe these investments provide the group an excellent platform to grow our business in the future,” the CEO said.
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