John Keells Holdings PLC (JKH) said this week that its pre-tax profit in first quarter 2009/10 fell to Rs 959 million from Rs 1.14 billion in the same period last year but is optimistic about the future after the end of the war.
“The Group is currently reviewing its plans in the light of the new potential that has emerged as a result of thecountry's success in its fight against terrorism,” said Group Chairman Susantha Ratnayake, adding that “we are well positioned both in terms of organisational capability and financial strength to be a key part of the nation's economic development.”
The profits attributable to equity holders of Rs. 650 million is a drop of 22 % over the corresponding period in the previous year. Revenue for the quarter was Rs. 10.07 billion against Rs.11.09 billion, earlier.
The company said transportation profits (the mainstay in the past) fell by 43 % to Rs. 529 million from Rs. 920 million owning to the drop in revenue from Lanka Marine Services which was the subject of a Supreme Court judgment last year.
Leisure recorded a loss of Rs. 47 million in the first quarter. Compared to the same period last year, this was a significant improvement on the back of a better performance by the Maldives resorts and the Colombo city hotels. Trans Asia Hotel is currently undergoing a complete refurbishment and re-branding, and is to be re-launched as Cinnamon Lakeside in September 2009. Property showed losses while Consumer Foods and Retail showed a profit. |
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