For the nine months ended December 31, 2009, Hemas Holdings PLC has posted consolidated revenues of Rs 11.3 bn, a decrease of 4.5 percent compared to the corresponding period in 2008.

Husein Esufally

The main reason for the decrease is the pass through effect of lower oil prices in the thermal power business. Profits for the quarter under review registered Rs 247 mn which represents a growth of 24.5 percent; although profits for the nine months dipped marginally by 1.5 percent to close at Rs 565 mn Hemas Holdings Director and Chief Executive Officer Husein Esufally said.

For the nine months under review, FMCG revenues grew 14.2 percent to Rs 4.0 bn and profits grew by 29.6 percent to close at Rs 474 mn. Industry growth remained flat over 2009 with rural demand helping to offset lower demand in the urban sector.

The healthcare sector, represented by pharmaceutical distribution and hospitals, posted a turnover for the nine months of Rs 3.7 bn, a growth of 34.6 percent and profits of Rs 89 mn, a 21.8 percent rise. “Our Pharmaceutical business extended its market leadership and now holds 16.5 percent (Source: IMS) of the private market,” he said.

“While the leisure sector recorded a profit for the quarter ended December 2009, the cumulative profit is yet to turn into positive territory. However, all our hotels are currently experiencing high occupancy rates with increased room rates, and this trend will promise healthy levels of profitability going forward,” he said.

“Transportation sector profits declined 19.8 percent for the nine months under review, mainly due to an overall contraction in the market size. However, we anticipate the industry to turnaround next year and hence a growth in earnings,” he said.

“The power sector has recorded a 22.2 percent drop in profits over the nine months, largely due to the planned overhaul costs in Heladhanavi, our Thermal Power plant. However, the quarter ending December 2009 has been a good one for the business with profits from renewable energy kicking in, leading to a 26.3 percent growth in profits. In December we concluded the acquisition of Senok Mark Hydro (Pvt) Ltd, a 2.6 MW hydro power plant in Lindula, for a consideration of Rs 196 mn,” Esufally said.
Courtesy: DailyNews


Posted on Monday, February 08, 2010 @ 08:19:16 LKT by SaNDun

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