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Hemas records Rs.635.3mn net profit for 2Q

16 November 2015 02:39 am - 0     - {{hitsCtrl.values.hits}}

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Hemas Holdings PLC, which has interests in FMCG, healthcare, transportation and leisure saw its September (2Q16) group net profit falling a marginal 0.7 percent year-on-year (yoy) to Rs.635.3 million.

The company said the slight fall in profits was caused by exchange losses and absence of one-off capital gains that were present last year. 
The earnings per share accordingly deteriorated to Rs.1.11 from Rs.1.24.

The revenue for the quarter under review rose 16.7 percent yoy to Rs.9.59 billion pushing gross profit margins up 17.7 percent yoy to Rs.3.49 billion.

However operating profit for the three months fell 1.2 percent yoy to Rs.938.2 million amid exchange losses and absence of one-off capital gains.

The group divested its Nimex brand last year, booking a capital gain of Rs.89 million.

The FMCG segment recorded a higher revenue of Rs.3.63 billion for the quarter under review against Rs.3.065 billion yoy.

However, the segment’s net profit fell to Rs.301 million from Rs.329.6 million.

Hemas Group CEO Steven Enderby said the group’s Bangladesh operation almost doubled yoy in the first six months ended September 30, 2015 (1H16) with recently established sales team starting to deliver.

The healthcare segment which was the highest contributor to the group revenue recorded a revenue of Rs.4 billion against previous year’s 3.52 billion.
Hemas operates three hospitals in the outskirts of Colombo and the leader in the pharmaceutical distribution in the country. The group also owns a listed pharmaceutical manufacturing subsidiary. 

Enderby said rupee devaluation has negatively impacted pharmaceutical imports. 

The segment’s profits also rose to Rs.282 million from Rs.279.3 million. The revenue of the leisure segment improved to Rs.780.1 million from previous year’s 702.7 million. However the segment recorded a net loss of Rs.51.6 million against a net profit of Rs.20.3 million.

Hemas has two new 5-star properties under construction in partnership with Thailand’s Minor group.

Anantara, Peace Haven, Tangalle is to commence operations in December 2015 while Anantara Kalutara is scheduled to open in the first half of 2016.
The transportation segment saw its revenue increasing to Rs.429.6 million from Rs.388.9 million. Despite higher revenue, earnings fell to Rs.106.1 million from Rs.120.4 million. “The growth of the logistics business was mainly due to the securing of new projects, warehouses operating with full capacity and haulage business growing with the car carrier operation performing well. 

However, container depot performance was impacted with lower volumes and it was a challenging first half for the GSA businesses, due to the decline in outbound travel and low yields of ticketing income,” Enderby said. 
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