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The Group profit before tax (PBT) at Rs.3.19 billion in the first quarter of the financial year 2015/16 is an increase of 6 percent over the Rs.3.02 billion in the previous financial year which included a capital gain of Rs. 389 million.
The increase in PBT for the quarter over the previous year is primarily on account of a 43 percent increase in operating profits, demonstrating a robust underlying business performance. The profit attributable to equity holders at Rs.2.18 billion reflects an increase of 2 percent over the Rs.2.14 billion in the corresponding period of the previous financial year.The revenue at Rs. 21billion is a marginal increase over the Rs.20.70 billion recorded in the previous financial year.The company PBT for the first quarter of 2015/16 at Rs.3.25 billion is an increase of 10 percent over the Rs.2.96 billion recorded in the corresponding period of 2014/15.
The Transportation group PBT of Rs.590 million in the first quarter of 2015/16 is an increase of 19 percent over the first quarter of the previous financial year (2014/15 Q1: Rs.498 million).
The increase in profitability is attributable to the performance of the Group's Bunkering business which recorded an improvement in margins on the back of an improved local operating environment and the performance of South Asia Gateway Terminals (SAGT), where an encouraging growth in higher yielding domestic TEUs contributed positively towards its profitability.
The Leisure group PBT of Rs.553 million in the first quarter of 2015/16 is a decrease of 16 percent over the first quarter of the previous financial year (2014/15 Q1: Rs.659 million). The decline in PBT is mainly on account of the City Hotel sector, where the Group's 5-star city hotels recorded a decline in occupancies due to the partial closure of Cinnamon Lakeside.
The Property group PBT of Rs.203 million in the first quarter of 2015/16 is a decrease of 7 percent over the first quarter of the previous financial year (2014/15 Q1: Rs.218 million). The decline in PBT is mainly on account of the lower revenue recognition of the "OnThree20" residential development project which reached completion in the previous financial year.
Courtesy: Sunday Observer 23 August 2015
