John Keells Group profit before tax (PBT) was at Rs.4.09 billion in the first quarter of the financial year 2017/18 showing an increase of 14% over the Rs.3.58 billion recorded in the previous financial year.
The profit attributable to equity holders at Rs.2.83 billion too is an increase of 19% over the Rs.2.37 billion in the corresponding period of the previous financial year.
The revenue at Rs.26.82 billion for the period under review is an increase of 18 per cent over the Rs.22.73 billion recorded in the previous financial year.
The Company PBT for the first quarter of 2017/18 at Rs.3.36 billion is an increase of 18 per cent over the Rs.2.85 billion recorded in the corresponding period of 2016/17.
The Transportation industry group PBT of Rs.807 million in the first quarter of 2017/18 is an increase of 14 per cent over the first quarter of the previous financial year.
The increase in profitability is mainly attributable to the performance of the Group’s Ports, Shipping and Logistics businesses which recorded improved performances as a result of increases in volumes and throughput.
The Leisure industry group PBT of Rs.179 million in the first quarter of 2017/18 is a decrease of 68 per cent over the first quarter of the previous financial year. “The decline was anticipated and arises from a non-cash impact of Rs.203 million on account of the acceleration of depreciation on assets from the closure of “Bentota Beach by Cinnamon”, the partial closures of “Cinnamon Dhonveli Maldives” and “Ellaidhoo Maldives by Cinnamon” for on-going refurbishments,” Chairman Susantha Ratnayake said. The Property industry group PBT of Rs.62 million in the first quarter of 2017/18 is an increase of 7 per cent over the first quarter of the previous financial year.
The Consumer Foods and Retail industry group PBT of Rs.1.07 billion in the first quarter of 2017/18 is a decrease of 18 per cent over the first quarter of the previous financial year.
The Financial Services industry group PBT of Rs.239 million in the first quarter of 2017/18 is an increase of 22 per cent over the first quarter of the previous financial year,
The increase in profitability was primarily due to Union Assurance PLC which recorded encouraging double-digit growth in gross written premiums and John Keells Stock Brokers which recorded a better performance when compared to the previous year. The Information Technology industry group PBT of Rs.71 million in the first quarter of 2017/18 is an increase over the first quarter of the previous financial year.
The Plantations Services sector recorded an improvement in profitability due to improved tea prices.
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