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JKH Group revenue for the 3rd Quarter of 2018/2019 up 17%
John Keells Holdings (JKH), Chairman Krishan Balendra (Son of Former Chairman of John Keells Holdings Kandiah Balendran – the first Sri Lankan Chairman of John Keells Holdings, whilst Krishan is the first such son of a Chairman to become Chairman in Sri Lanka’s largely public owned Blue Chip JKH in history) in his latest quarterly financial review of the company has said that following a period of political volatility and uncertainty from late October to December 2018, stability has been restored in Sri Lanka.
“We reiterate that political stability and policy continuity is essential for economic and business growth” Krishan Balendra points out in his review adding that the cumulative revenue for the first nine months of the financial year 2018/19 at Rs. 99.28 billion is an increase of 13 per cent over the revenue of Rs.87.66 billion recorded in the same period of the previous financial year.
“The profit attributable to equity holders in the third quarter of the financial year 2018/19 at Rs.4.80 billion is an increase of 7 per cent over the corresponding period of the previous financial year, whilst the first nine months performance at Rs.12.08 billion is an increase of 9 per cent over the previous year” Balendra notes in his review of the JKH.
The Group earnings before interest, tax, depreciation and amortization (EBITDA) at Rs.5.85 billion in the third quarter of the financial year 2018/19 is an increase of 2 per cent over the Rs.5.74 billion recorded in the corresponding period of the previous financial year. The Group EBITDA for the first nine months of the financial year 2018/19 at Rs.14.68 billion is a decrease of 2 per cent over the EBITDA of Rs. 15.04 billion recorded in the same period of the previous financial year.
The financials further highlights that the Group profit before tax (PBT) at Rs.5.63 billion in the third quarter of the financial year 2018/19 is a decrease of 3 per cent over the Rs.5.83 billion recorded in the corresponding period of the previous financial year.
“The Group PBT for the first nine months of the financial year 2018/19 at Rs.13.23 billion is a decrease of 11 per cent over the PBT of Rs.14.87 billion recorded in the same period of the previous financial year” the report notes adding that the Company PBT for the third quarter of 2018/19 at Rs.3.76 billion is an increase of 59 per cent over the Rs.2.36 billion recorded in the corresponding period of 2017/18.
The increase in PBT is mainly attributable to the higher exchange gains recorded at the Company on its foreign currency denominated cash holdings according to the financials.
