Restricted land ownership laws for foreigners impact on all SL businesses, says JKH chief
View(s):The Land (Restrictions on Alienation) Act recently passed by Parliament poses several challenges to Sri Lanka’s business community, John Keells Holdings (JKH) Chairman Susantha Ratnayake has said.
Commenting in the latest report on the group results for the second quarter of 2014-15, he said, “impact to the Group, if any will be assessed once the specifics in the Act are interpreted and understood”.
JKH group’s pre-tax profit (PBT) rose to Rs.3.68 billion in the just-ended period, up by 39 per cent over Rs.2.65 billion recorded in the corresponding period of the previous financial year.
Cumulative PBT for the first half of the financial year 2014/15 stood at Rs.6.74 billion, also up 39 per cent over the PBT of Rs.4.85 billion recorded in the same period of the previous financial year, according to a company announcement. Revenue at Rs.22.16 billion in the second quarter was an increase of 6 per cent from the same quarter earlier.