The net profit of the premier blue chip John Keells Holdings PLC (JKH) for the year ended March 13, 2014 (FY13/14) fell 3 percent year-on-year (YoY) to Rs.11.7 billion. Last year’s profits were boosted by Rs.2 billion fair value gain, which had declined to Rs.470 million in FY13/14.
The fourth quarter net profit (4Q14) of the firm also fell 9 percent YoY to Rs.4.67 billion.
The basic earnings per share for the year stood at Rs.12.60, down from Rs.13.76, while the quarterly earnings per share also deteriorated to Rs.4.72 from Rs.5.83.
The revenue for the year rose 5 percent YoY to Rs.89.2 billion, while the cost sales increased 3 percent YoY to Rs.64.6 billion. The gross profit for the year was Rs.24.6 billion, up 8 percent YoY.
The other operating income of the firm saw a 66 percent YoY surge to Rs.2.48 billion, boosted largely by the divestment of the firm’s interest in Central Hospital (Pvt.) Ltd and the interest income from a Rs.40 billion rights issue the firm carried out for its proposed US $ 650 million integrated resort.
The notes to the financial statement also said in February 2014, the firm divested its voting shares in one of its joint ventures, Information Systems Associates, with a gain of Rs.158 million.
The shipping and bunkering business of the firm reported a revenue of Rs.16.7 billion in FY13/14, down from Rs.19.4 billion in the previous year (Fy12/13). The segment’s after-tax profit also fell to Rs.2.5 billion from Rs.3.38 billion.
The leisure operations of the firm reported an increased revenue of Rs.22.5 billion in FY13/14, against Rs.20.5 billion in FY12/13. The segment’s post-tax profit also edged up to Rs.4.82 billion from Rs.4.7 billion.
The revenue of the property sector rose to Rs.4.1 billion from Rs.3.1 billion. The after-tax profit also increased to Rs.1.29 billion from Rs.1.19 billion.
The consumer foods and retail sector reported a revenue of Rs.25.4 billion against a revenue of Rs.24 billion in the previous year.
However, the segment’s post-tax profit fell to Rs.1 billion from Rs.1.9 billion, largely due to a significant change in the fair value gain.
The financial services segment reported a revenue of Rs.9.47 billion against Rs.8.6 billion. The after-tax profit of the segment improved to Rs.1.63 billion from Rs.1.4 billion.
The revenue of the information technology segment rose to Rs.7.5 billion in FY13/14 against Rs.6.5 billion in FY12/13. The after-tax profit of the segment however edged up only to Rs.245 million from Rs.231.4 million.