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JKH posts impressive first half results

3 November 2010 10:19 am - 0     - {{hitsCtrl.values.hits}}

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John Keells Holdings (JKH) yesterday announced a Group Profit Before Tax (PBT) of Rs. 3.45 billion for the quarter and Rs. 4.98 billion for the first six months of the financial year 2010/2011 reflecting increases of 281 per cent and 167 per cent respectively, over the PBT of Rs. 905million and Rs. 1.86 billion in the corresponding periods in the previous year.
It said recurring PBT, excluding the gains from the sale of stakes in Asian Hotels and Properties PLC (AHPL) and John Keells Hotels PLC (KHL), grew by 83 per cent for the quarter and 71 per cent for the first six months.
The profits attributable to Equity Holders for the quarter and first six months, ended 30 September 2010, of Rs. 2.93 billion and Rs. 3.94 billion respectively, reflect an increase of 409 per cent and 221 per cent over the corresponding periods in the previous year.
The revenues at Rs. 13.97 billion and Rs. 26.89 billion in the second quarter and the first half of 2010/2011 were 24 per cent and 26 per cent above the Rs. 11.23 billion and Rs. 21.30 billion recorded in the corresponding periods in the previous year.
The Company PBT of Rs. 2.31 billion for the quarter and Rs. 3.33 billion for the first six months of 2010/2011 reflect an increase of 1,330 per cent and 70 per cent above the PBT of Rs. 162million and Rs. 1.96 billion in the corresponding periods in the previous year. This PBT includes the gain on the sale of shares of John Keells Hotels PLC (KHL) and Asian Hotels and Properties PLC (AHPL), during the quarter.
Transportation PBT of Rs. 1.36 billion for the first six months of 2010/11 was an increase of 18 per cent, over the first six months of 2009/10which recorded Rs. 1.16 billion. The quarterly PBT decreased by 11 per cent to Rs. 556 million [2009/10 Q2: Rs. 627 million.]
In line with expectations, Leisure recorded a PBT of Rs. 323 million for the first six months of the financial year compared to a loss of Rs. 174 million recorded in the same period last year, despite the full and partial closure of some hotels for refurbishment and upgrades. The second quarter
PBT was Rs. 337 million [2009/10 Q2: Loss Rs. 127 million].
Property recorded a PBT of Rs. 290 million for the first six months, a 175 per cent increase over the Rs. 105 million recorded in the same period last year. The PBT of Rs 145 million for the quarter was an increase of 103 per cent over the corresponding period last year [2009/10 Q2: Rs. 71 million].
Consumer Foods and Retail PBT of Rs. 307 million for the six months was 237 per cent higher than the Rs. 91million recorded in the same period last year. The PBT of Rs 137 million for the quarter was an increase of 175 per cent over the second quarter last year [2009/10 Q2: Rs. 50 million].
Financial Services PBT for the six months ended 30 September 2010 at Rs. 685 million was 79 per cent higher than the Rs. 382million recorded in the same period last year. The PBT of Rs. 308 million for the quarter is a 87 per cent increase over the same period last year [2009/10 Q2: Rs. 165 million].
Information Technology (IT) had an improved performance for the first six months on the back of an improved performance by the Office Automation and BPO segments.
Others comprising of Plantation Services, John Keells Capital and the Corporate Centre recorded a PBT of Rs 1.98 billion for the six month period, which is 484 per cent higher than the Rs. 339million PBT recorded in the same period last year.
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