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| Sunday, 12 June 2005 |
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Business |  |
| News Business Features Editorial
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Hemas Holdings posts Rs. 804 million net profit Hemas Holdings Ltd recorded a revenue of Rs. 8.8 billion, and a net profit of Rs. 804 million for the financial year ended March 2005. This reflects a top-line growth of 35.7% and a bottom-line growth of 31%, Hemas CEO Husein Esufally has told shareholders. Dividends for the year took up Rs. 213.4 million, as against Rs. 147.5 million during the financial year ended March 2004. The year under review was the first complete financial year as a public company after it listed on the Colombo Stock Exchange in October 2003. A first interim dividend of Rs. 1.25 per share was paid in November 2004 and a second interim dividend of Rs. 1.75 was paid in April 2005. The dividend cover is 3.7 times against 4.2 times in the previous year. The Hemas share was selected to be included in the Milanka Index and achieved the 10th position in terms of market capitalisation as at end March 2005. Last week the Hemas Holdings share traded at Rs. 131. Hemas AGM is scheduled to take place on June 30. Hema's Fast Moving Consumer Goods (FMCG) sector which accounts for 33% of the group's profits and 44% of group profits, saw its turnover decline marginally. However, its core branded business performed well, under difficult conditions, maintaining its market share intact. The health care sector has shown good results in turnover and profits during the year. The company was able to close the year with a market share of 15.8%. Hemas transportation sector which consists of airline representation, travel agency business, and freight forwarding recorded a healthy growth in profits, in an industry which continues to be increasingly competitive. The leisure sector which consists of destination management, travel centre operations and hotels was seeing a healthy growth when the tsunami struck, Esufally told shareholders. Esufally says that the setback due to the tsunami is a short term phenomenon and they are in the process of completing a blueprint for the leisure sector strategy in view of the long term growth prospects of this sector. EL |
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