The end third quarter bottom line reflected a 141% increase over the corresponding period of last financial year.
In the third quarter the figure amounted to Rs. 1.75 billion, up by 54% from a year earlier.
JKH Chairman Susantha Ratnayake’s review accompanying interim results confirmed that all sectors of the Group had delivered exceptional improvement in their performance.
Breaking away from recent traditions, JKH released its interim results last morning, just before the market opened.
In the past JKH used to release results after the market was closed and often on a Friday, given its widespread foreign shareholder base.
However investors toasted the impressive results as JKH’s stock price peaked to a high of Rs. 299, before closing at Rs. 295 – up by Rs. 3 though only 91,200 shares traded.
Group Profit Before Tax (PBT) of Rs. 2.36 billion for the quarter and Rs. 7.33 billion for the nine months reflect an increase of 57% and 118% respectively, over the PBT of Rs. 1.50 billion and Rs. 3.37 billion in the corresponding periods in the previous year.
The recurring PBT for the nine months, excluding the capital gains posted in the second quarter, grew by 65%.
The revenues at Rs. 15.62 billion and Rs. 42.50 billion in the third quarter and the nine months were 22% and 25% above the Rs. 12.75 billion and Rs. 34.06 billion recorded in the corresponding periods in the previous year.
The Company PBT of Rs. 1.12 billion for the quarter and Rs. 4.44 billion for the nine months reflect an increase of 29% and 57% above the PBT of Rs. 862 million and Rs. 2.83 billion in the corresponding periods in the previous year. The PBT for the nine months include the capital gains posted in the second quarter.
The Transportation sector’s PBT of Rs.1.97 billion was an increase of 18% over the nine months of 2009/10, which recorded Rs.1.66 billion. The quarterly PBT increased by 21% to Rs. 611 million when compared to the same period last year (2009/10 Q3: Rs.506 million). The Airlines and Logistics businesses, in particular, performed above the corresponding period in the previous year.
The Leisure sector continued to perform as expected with a PBT of Rs. 955 million for the nine months, an increase of 501% compared to the Rs. 159 million recorded in the same period last year. The third quarter PBT increased by 90% to Rs. 632 million when compared to the same period last year [2009/10 Q3: Rs.333 million].
Property recorded a PBT of Rs. 512 million for the nine months, a 194% increase over the Rs. 174 million recorded in the same period last year. The PBT of Rs. 222 million for the quarter was an increase of 224% over the corresponding period last year (2009/10 Q3: Rs.69 million).
“The cyclical nature of the revenue recognition of the Emperor project is the main reason for the variances from the previous year. We have seen positive interest from potential buyers for the ‘OnThree20,’ the 475-apartment development, situated in Union Place and launched in October 2010, with initial bookings for over 70% of the apartments, the construction of which will commence in May 2011,” Chairman Ratnayake said.
He said Consumer Foods and Retail PBT of Rs. 463 million for the nine months was 175% higher than the Rs. 168 million recorded in the same period last year. The PBT of Rs. 156 million for the quarter was an increase of 103% over the third quarter last year (2009/10 Q3: Rs.77 million).
All sectors – soft drinks, ice creams, processed meats and the super market businesses – had significantly better results for the nine months. Ceylon Cold Stores launched the Cola drink branded ‘KIK’ in December and initial results are encouraging.
Financial Services PBT for the nine months ended 31 December 2010 at Rs. 1.21 billion was 65% higher than the Rs. 735 million recorded in the same period last year. The PBT of Rs. 528 million for the quarter is a 49% increase over the same period last year (2009/10 Q3: Rs.353 million). John Keells Stock Brokers, Union Assurance and the banking associate in the Financial Services sector, Nations Trust Bank, all contributed to this increase.
The Information Technology Group recorded a PBT of Rs. 49 million for the nine months, compared to the loss of Rs. 31million in the corresponding period in the previous year. The third quarter PBT of Rs. 14 million was an improvement over the same period last year (2009/10 Q3: Rs.4 million) with the Office Automation business performing well.
Others comprising of Plantation Services, John Keells Capital and the Corporate Centre recorded a PBT of Rs. 2.17 billion for the nine month period, which is 334% higher than the Rs. 500 million PBT recorded in the same period last year.
The gain on the sale of shares of John Keells Hotels PLC (KHL) and Asian Hotels and Properties PLC (AHPL) during the second quarter contributed towards this growth for the nine months. The third quarter PBT of Rs. 192 million was an increase of 19% when compared to the corresponding period last year (2009/10 Q3: Rs.161 million).
source - www.ft.lk
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