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| Sunday, 15 February 2004 |
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| News Business Features Editorial
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Hemas group shows surplus profit The income of Hemas Holdings Ltd,for the year ending March 31,2003 showed a post tax profit of Rs. 419 million exceeding its profit of Rs 402 million for the full year. The profits include capital gains of Rs 33.4 million largely from part divestment of Lanka Hospitals Ltd. The group also deviated from its investment in eSenze Solutions in October 2003, said its Chief Executive Officer Husein Esufally. Strong performance by the key brands saw the personal care sector showing good growth with an increased turnover of 19 percent over the same period last year. In health care the group we consolidated its our position as the leading distributor of pharmaceutical,by further improving the market share to 16.62 percent. The country exceeded its target of 500,000 tourists for 2003 and the leisure sector benefited from this with an increased turnover of 38 percent over the previous year. This was despite the lower turnover due to the closure of Serendib Hotel for refurbishment. The transport sector too reported a steady growth of 12 percent in turnover, he added. The planned investment of Rs 600 million in Heladhanavi Ltd was made in end September 2003. Since then the company has fulfilled the preliminary obligations and the project is on schedule for completion by the due date in November this year. The company's recent listing on the CSE was well received by the investor community and it was clearly indicated with the issue being oversubscribed by more than 11 times. Despite the huge response the company was able to process the applications in record time and the shares commenced trading within 27 days from the issue. The economy showed steady progress with a GDP growth of over 5 percent for the fourth consecutive quarter and inflation dropped below 8 percent. The company fared well in the improved business environment to report strong operating results in all key sectors during the period under review. |
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