Sri Lanka’s Keells Foods Dec net up 13-pct

ECONOMYNEXT - Sri Lanka's Keells Food Products, a processed meat firm which sells under Krest and Elephant House brands, said profit for the December 2017 quarter grew 13 percent from a year earlier to 87.2 million rupees.

The group reported earnings of 3.42 rupees per share for the quarter, in interim accounts filed with the stock exchange.

In the nine months to December earning were 6.94 rupees per share on a profit of 177 million rupees, down 22 percent from a year ago. The share was traded 130 rupees on the Colombo Stock Exchange in intra-day trading on Monday.

Gross revenue increased nine percent to 864.5 million rupees and cost of sales grew seven percent to 599.4 million rupees, helping expand profit 12 percent to 265 million rupees.

Profits from manufacturing grew 14 percent to 114 million rupees and trading increased 13.8 percent to 10.7 million rupees.

Selling and distribution expenses grew 14 percent to 80.7 million rupees and administration costs grew six percent to 39.3 million rupees.

Net finance income grew 44.5 percent to 1.7 million rupees.

The group is a unit of John Keells Holdings.

Sri Lanka’s Trans Asia Hotels Dec net halves

ECONOMYNEXT - Sri Lanka's Trans Asia Hotels Plc, which owns and operates Colombo's five-star Cinnamon Lakeside Hotel, said profit for the December 2017 quarter fell 52 percent to 98.8 million rupees from a year earlierwhile revenue also fell 4 percent in the peak December season.

The hotel reported earnings of 0.49 cents per share for the quarter in accounts filed with the Colombo Stock Exchange. In the nine months to December it reported earnings of 1.64 rupees per share on a profit of 320 million rupees, down 31 percent from a year ago.

The share last traded at 90 rupees on the Colombo Stock Exchange.

Gross revenue fell 4 percent to 859.3 million rupees, and cost of sales declined by three percent to 353.6 million rupees, shrinking gross profits eight percent to 505.7 million rupees.

Operating expenses was up one percent to 322.7 million rupees and finance cost increased 150 percent to nearly two million rupees.

Tax expenses increased 136 percent to 78 million rupees.

Trans Asia Hotels is a unit of John Keells Holdings which has interest in ports, consumer goods and finance.

Sri Lankan shares drop in dull trade; banks top drag

Reuters: Sri Lankan shares declined on Monday, marking their eighth session of fall in nine, as investors sold banking stocks in dull trade.

The Colombo Stock index ended 0.34 percent weaker at 6,421.40. On Thursday, it closed at its lowest since Dec. 29.

The bourse has shed 2 percent in the past nine sessions, and dropped 0.47 percent last week, recording its second straight weekly fall.

“The market was quiet till late. We saw some activities in the latter part of the day,” said Hussain Gani, Deputy CEO at Softlogic Stockbrokers.

“There were some selling in banks which brought the market down,” he said, adding that investors were waiting to see clarity on the political front from a local election which will be held on Feb. 10 after a long delay.

Turnover stood at 460.7 billion rupees, half of last year’s daily average of 915.3 million rupees.

However, foreign investors bought a net 196.6 million rupees worth of shares on Monday, extending the year-to-date net foreign inflow so far this year to 2.9 billion rupees worth of shares.

They bought equities worth 18.5 billion rupees last year and 633.5 million rupees in 2016.

After market hours on Friday, diversified company Hemas Holdings Plc said it will acquire 75.1 percent of stationery manufacturer Atlas Axillia Co (Pvt) Ltd for 5.7 billion rupees. Hemas fell 5.4 percent on Monday.

Shares in Lanka ORIX Leasing Co Plc dropped 3.5 percent, while Hatton National Bank Plc declined 1.1 percent. 

($1 = 153.8500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)