Hemas posts 21% profit growth from continuing operations

Tuesday, 17 February 2015 00:24 -     - {{hitsCtrl.values.hits}}

Hemas Holdings Plc has increased consolidated operating profit from continuing operations by 21% to Rs. 1.5 billion in the first nine months of FY 2015. The Group recorded revenue of Rs. 23.6 billion for the period, a growth of 19.5%. “Key drivers of this growth were the Consumer, Healthcare and Leisure sectors,” Hemas CEO Steven Enderby said. The consolidated operating profit for the period was Rs. 2.2 billion, recording a growth of 19.0%. Underlying earnings growth of the core businesses adjusted for one-off items stood at a healthy 46.0%. The key one-off items were the Rs. 157 million losses on the disposal of the Group’s stake in Hemas Power Plc and the capital gains recognised in the previous year of Rs. 364 million from the land transfer of Peace Haven to PH Resorts, a joint venture company. However, consolidated earnings posted a decline of 21.5% to record Rs. 1.2 billion. “As we head into the final quarter of the financial year, we are confident that our portfolio rationalisation and renewed focus on our core areas will yield us strong growth across our businesses as we look to maintain and build on our industry leading positions,” Enderby added.