The John Keells Group posted Rs.3.06 billion profit before tax (PBT) for the first quarter of the financial year 2014/15.

This is an increase of 39 per cent over the PBT of Rs.2.20 billion recorded in the corresponding period of the previous financial year. The profit attributable to the equity holders of the parent for the first quarter of the financial year 2014/15 at Rs.2.15 billion reflects a 35 per cent increase over the previous financial year.

The revenue for the first quarter of the financial year 2014/15 of Rs.21.28 billion was an increase of 7 per cent over the Rs.19.86 billion recorded during the same period last year. The company PBT for the first quarter of the financial year 2014/15 at Rs. 2.96 billion was an increase of 31 per cent over the PBT of Rs. 2.27 billion recorded during the same period last year.

The Transportation industry group PBT of Rs.529 million in the first quarter of 2014/15 was a decrease of 29 per cent over the first quarter of the previous financial year [2013/14 Q1: Rs. 748 million]. The decline in PBT is mainly attributed to the lower contribution from the bunkering business due to significant reductions in margins consequent to an increase in the number of active suppliers in Colombo. The Port business too experienced a reduction in volumes compared to the first quarter of the previous financial year, following the realignment of services as discussed in my previous messages. However, the volumes are expected to stabilize from here on. Both DHL Keells and Maersk Lanka witnessed an improved performance compared to the corresponding period of the last financial year due to growth in the active customer base and higher volumes.