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Hemas 3Q net down amid capital losses

18 February 2015 06:11 am - 0     - {{hitsCtrl.values.hits}}

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Hemas Holdings saw its December quarter (3Q15) net profit falling 45 percent year-on-year (yoy) to Rs.268.5 million, amid the absence of one-off gains and losses through divested operations.

 

Accordingly, earnings per share weakened to 52 cents from 95 cents.The company recognized a capital loss of Rs.157 million, following the divestment of its power business to a consortium in a deal to the tune of Rs.1.7 billion, during the quarter under review.In t he previous year, t he group recognized a capital gain of Rs.364 million from a land transfer.


The top line grew 13.2 percent yoy to Rs.8.24 billion during the quarter under review. The costs also grew 13.6 percent yoy to Rs.5.23 billion. The gross profit was Rs.3 billion, up 12.5 percent.Both selling & distribution and administrative expenses rose 12 percent and 9.7 percent respectively.Despite that, operating profit improved 14.7 percent yoy to Rs.772.2 million.The finance costs during the quarter rose 82.3 percent yoy to Rs.115.1 million.After-tax profit for the three months from continuing operations edged up 3.1 percent yoy to Rs.528.6 million.The cumulative net profit for the nine months ended December 31, also fell 21.5 percent yoy to Rs.1.15 billion.

However, after-tax profit from continuing operations rose 21.1 percent yoy to Rs.1.5 billionThe FMCG business of the group reported a net profit of Rs.241.1 million for the quarter up from Rs.198 million in the same quarter of the pervious year.“Our revenue growth was also boosted by operations in Bangladesh, which launching its own distribution network in November,” Hemas Group CEO Steven Enderby said.

The healthcare sector profits also improved to Rs.260.1 million from Rs.187.6 million.Hemas currently operates t hree hospitals and is the country’s leader in pharmaceutical business with a 21 percent market share.Pharmaceutical manufacturer and marketer J L Morison is a subsidiary of Hemas group.The leisure sector profits however fell to Rs.40.3 million from Rs,100.8 million, despite a growth in revenue.The transportation business reported a profit of Rs.115.1 million, up from Rs.95.4 million.

“Our recent venture in logistics, posted a good performance during the quarter with an increase in container handling, storage and haulage activities aiding the increase in both the sector topline and bottomline,” Enderby said.
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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

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