Hemas Group revenue up but profits ease

Business

Hemas Holdings has reported a consolidated revenue of Rs.11.4 billion for the 3-months ending June 2017, up by 14.9 per cent from the same 2016 period while post-tax profit for the period fell marginally by 3.3 per cent to Rs. 677,237 million.

The quarterly accounts, released to the Colombo Stock Exchange, revealed that pre-tax profit was lower by 4.3 per cent at Rs. 966,645 against the 2016 period.
Steven Enderby, CEO - Hemas Holdings, in his review said that the healthcare sector was the main contributor to growth during the quarter.
“The key factors that influenced the decline in profitability were subdued consumer spending resulting from increased inflation and VAT, flooding and landslides in Sri Lanka and exchange rate depreciation. In addition, headwinds faced in our Bangladesh operation and losses incurred at Leisure, Travel and Aviation (LTA) segment also impacted our profitability. Our consumer business recorded a revenue of Rs.4.2 billion for the first three months ending June 30, a decline of 1.5 per cent YoY,” he said.

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