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16 November, 2015 10:17 AM Source: Financial Times - Sri Lanka
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Hemas Holdings Plc has recorded a solid first half performance with consolidated group revenue of Rs. 18.4 billion for the six months ended 30 September 2015, reflecting a Year-on-Year (YoY) growth of 19.6%. This led to an operating profit of Rs. 1.6 billion and earnings of Rs. 1.1 billion, a growth of 11.6% and 18.4% respectively.
However, last year’s corresponding period includes a one-off capital gain of Rs. 89 million from the sale of the Nimex Brand and excluding the same, the underlying earnings growth of the group stood at 31.6% over last year.

During the second quarter of FY15/16, the group recorded a revenue growth of 16.7% compared with the same quarter last year. Good growth was recorded by the FMCG and Healthcare sectors of 16.3% each.
“However, both operating profit and earnings show a negative growth of 1.2% and 0.7% respectively, due to exchange losses from Hemas’ new hotel and the one-off capital gain and profit from discontinued operations recorded in the previous year.  Excluding these, operating profit and earnings recorded an underlying growth of 9.0% and 16.6% respectively,” Hemas CEO Steven Enderby said.
The FMCG sector reported revenues of Rs. 7.4 billion for the six months under consideration, a 24.5% YoY increase from the previous financial year. Sector earnings were driven by a volume growth across major brands in personal wash, personal care, feminine hygiene and homecare and in both general trade and modern trade sales channels. Furthermore, the introduction of new product variants in the Diva, Fems and Velvet brands directly complemented the higher topline growth.
Hemas’ Bangladesh operation maintained its high revenue growth, almost doubling last year’s performance with the extended market reach through the recently established sales team starting to deliver. The FMCG sector recorded PBT growth of 30.3% growth and underlying earnings growth of 30.1% excluding one-off capital gains.
Fuelled by 16.7% growth in Hemas’ pharmaceutical distribution business topline, the healthcare segment of the group achieved sales of Rs.7.7 billion for the six months ended 30 September 2015.
“We continued to maintain our market leadership position in pharmaceutical distribution. This is an encouraging performance during a period of significant regulatory change in the pharmaceutical industry,” Enderby said.

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