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| Sunday, 30 October 2005 |
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Hemas net profit up 30.4% to Rs. 336 million in 1H Baby Cheramy, Clogard and Kumarika shampoo are the most popular products of the company in the local consumer market and their sales volume has doubled in the first half of the year, Hemas Holdings Limited said. CEO Husein Esufally said that the Hemas Group has achieved a strong performance in the first half of the year and recorded a Rs. 4,723 million turnover and Rs.336 million net profit, a growth of 25.3% and 30.4%. Part of the growth is attributed to the inclusion of the power sector which was not operational during the first half of the previous year. The FMCG sector performance is better than expected with a 7.9% revenue growth and 22.5% growth of profit. Rural demand for branded consumer goods was high and the strong rupee helped to stabilise the prices of these goods. "In personal care, our largest segment, we have done well on top of a growing market. 'Velvet' has boosted our share in the personal wash segment and we now hold an 8% value share in the toilet soap category," Esufally said. The healthcare sector performed well with a net profit of Rs.53 million posting a 25.6% growth compared to the first half of the previous year. The company has enhanced the distribution capabilities by setting up a team for surgical and OTC products. The company has also finalised plans to set up its own operations in the Maldives next month. The company this month acquired a 25% stake in e-Channelling, where the company sees an opportunity to leverage its strengths to help transform the company from an electronic channelling facilitator to a fully fledged healthcare solution provider. The transport sector has recorded a net profit of Rs. 53 million, a 52% growth. However, the occupancy rate in resort hotels is low and the company said that the post tsunami recovery in tourism has been slower than expected. The loss in the resort hotel sector is Rs. 19 million and the total hotel sector loss is Rs.46 million. The company expects an increase in occupancy rates during the winter season but not a full recovery. "We are hopeful that there will be no disruptions to business during the Presidential elections and the outcome will have a positive impact on the economic fundamentals of the country. With the improved profitability in the leisure sector during the winter season, we anticipate another profitable second half, as has been the case in the last year", Esufally said. (G.W.) |
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