Financial Times

JKH explains ‘results’ delay to shareholders

John Keells Holdings (JKH) on Friday released its June 2008 quarter results to shareholders and the Colombo Stock Exchange (CSE) saying the delay was unavoidable and due to the judgment delivered against the privatisation of Lanka Marine Services Ltd (LMSL), a JKH subsidiary.

It said group profit before tax increased by 5% to Rs. 1.14 billion while group revenues increased by 31 % to Rs. 11.09 billion. Profit attributable to Equity Holders of the parent increased by 1 per cent to Rs. 833 million.

JKH Chairman Susantha Ratnayake said the “delay in the release of the quarterly results of JKH for the period ended June 30, 2008 is regretted. The delay was unavoidable in the face of the judgment that was delivered on July 21 by the Supreme Court (in the LMSL case).”

He said during the past weeks, JKH has concentrated on taking various steps to ensure full compliance ‘with the court order’.“These have been difficult times for JKH. In this context, I wish to assure our stakeholders that in keeping with the traditions, reputation and track record of transparency and ethical standards that JKH has demonstrated over the years, we will be resolute in the pursuit of our strategic direction.

The issue in LMSL may have, understandably, created questions in your own mind. You would have appreciate that this poses new challenges not only to your company but the private sector as a whole. As part of our internal processes, the Board will continue to self evaluate in this respect with an objective of achieving learnings out of the issue and towards ensuring further safeguards in transactions of this nature in future,” the chairman said in his report.

Top to the page  |  E-mail  |  views[1]
Other Financial Times Articles
Presidential committee over Jayasundera affair
SLPA engineers concerned over ‘clause’ issue in port
JKH explains ‘results’ delay to shareholders
Airtel blasts mobile operators as ‘anti competitive’
Stassen’s directors’ case against Harry Jayawardena postponed
Dimo autos to Pakistan
Lessons for public officials - Comment
Petition in SC against rising electricity costs
Corporate fraud cases in the world
CCC needs to make public its decision on JKH
Rise of JKH and the rapid decline of Sri Lanka
Western Union expanding in Lanka’s remittances market
HNB net profit up sharply
Job fair by Employers’ Network on Disability
‘Corporate disclosures – need of the hour!’ - Clarification
Touchwood didn’t “fudge” its accounts - Right of Reply
Indo – Sri Lanka FTA: Myths and realities
Trade unions say labour rights violations not helping to retain
MTD Walkers to set upfully fledged master workshop


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2008 | Wijeya Newspapers Ltd.Colombo, Sri Lanka. All Rights Reserved.