Group sales rose 24 percent to 13.97 billion rupees with basic earnings per share for the quarter rising to 4.70 rupees from 0.93 rupees the previous year.
The interim accounts showed 375 million rupees in unrealised gains owing to the increase in market value of quoted investments held for sale.
The group's bottom line was boosted by gains on the sale of shares of John Keells Hotels (KHL) and Asian Hotels and Properties (AHPL) during the quarter.
JKH made a capital gain of 1.3 billion rupees in August 2010 from the sale of 11.6million shares held in AHPL.
It also made 500 million rupees in capital gains by selling 37.5 million shares held in John Keells Hotels.
The JKH group's transportation business, which had been a key source of profits, took a hit from volatile bunker prices, with profit before tax down 11 percent to 556 million rupees in the quarter.
South Asia Gateway Terminals, an associate firm that runs a container terminal in Colombo port, performed to expectations, while the airlines and logistics business units performed "significantly above" the corresponding period in the previous year, the statement said.
"The bunkering business, whilst maintaining market leadership, was adversely affected by volatile world oil prices during the quarter," JKH chairman Susantha Ratnayake said.
According to a segmental analysis of results for the first six months, the group's leisure business turned profitable with 208 million rupees in profits against a loss the previous year.
The property business profit rose to 216 million rupees from 71 million rupees the year before.
The group's consumer foods and retail business was back in profits with a profit of 93 million while financial services profits rose to 347 million from 180 million rupees the year before.
Ratnayake said the leisure business performance in the second quarter improved mainly owing to better results achieved by both the Sri Lankan resorts and its city hotels, Cinnamon Grand and Cinnamon Lakeside.
source - www.lbo.lk
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