Hemas 3Q net down amid capital losses

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

A A A

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.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Hemas 3Q net down amid capital losses

Comments - 0

Add comment

RECOMMENDED

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Western purple-faced langurs see blue!

Most Viewed in News

April 15 declared a government holiday

SL on alert on possible genocide allegations by Canada

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

Sri Lankan among NASA’s new crew for next simulated Mars journey

Former MP Palitha Thewarapperuma dies from electrocution

Street food vendor arrested for verbally harassing foreigner

MIRROR CRICKET

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

Mendis, Mathews move up in ICC Test Rankings

Chamodi, Dewmi spins Sri Lanka U19 Women to big win

TODAY'S HEADLINES

Debt Restructuring Talks: Bondholders Fear Regime Change Impact

Don’t be deceived by NPP and Cardinal Ranjith: UNP

Emirates halts check-in for connections, UL cancels flights to Dubai

Plans afoot to obtain “Blue Flag Beaches” certification for SL beaches

Hardik fined Rs 12 lakh for violating IPL code of conduct after win over Punjab Kings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

Mendis, Mathews move up in ICC Test Rankings