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14 August, 2014 09:25 AM Source: Financial Times - Sri Lanka

Hemas Holdings Plc had to content with a mixed first quarter in the new financial year of 2014/15, with top line growth and a dip in bottom line.
The Group recorded consolidated revenue of Rs. 7.3 billion, up by 20% and operating profit of Rs. 452 million down by 7% whilst earnings were down 12% to Rs. 247 million in the first three months ended on 30 June 2014. Pre-tax profit was down 14% to Rs. 353.5 million.
Hemas CEO Steven Enderby said the variance between top line growth and decline in earnings was due to sharp variations in performance of the different sectors within the Group.
“The strong performance of our healthcare, personal care, leisure and transportation businesses is encouraging in tough market conditions and these have driven good revenue growth,” Enderby said.
However the plant closure at J.L. Morison, poor rainfall impacting mini hydro power plants, the charging of the heat rate reserve at the thermal plant and weak results of N-Able have been a drag on profits, resulting in a 12% decline in Group profit after tax, he added.
The FMCG sector performed well during the first quarter registering revenue of Rs. 2.9 billion, a strong growth in comparison to last year. Enderby said all categories contributed positively.
“Our Bangladesh operation recorded significant growth on account of the higher sales generated from our hair care segment. The multiple re-launches that took place during 2013/14 financial year have started to deliver results and operating profits have grown in line with sales,” he added.
The Healthcare sector registered revenue of Rs. 3 billion, a growth of 9% driven by the strong performance of its hospitals. The Pharmaceuticals business faced weak market conditions during the quarter in review, impacting sales and resulting in low growth.

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