Steven Enderby

Hemas Holdings PLC (HHL) and its subsidiaries achieved consolidated revenues of Rs.9.9bn, year-on-year (YoY) growth of 12.1% for the period, operating profit reached Rs.907mn and earnings Rs.696mn,growth of 34.8% and 67.8% respectively. Despite external pressures due to flooding, VAT uncertainty, and increasing inflation resulting in weaker demand, Chief Executive Officer said the company had continued to generate solid performance with FMCG Bangladesh, Pharmaceutical Distribution, and its new shipping agency Evergreen all contributing well.

The Consumer business recorded a topline of Rs.4.2bn for the first three months, a 10.2% Y-o-Y increase over the previous financial year. Operating profits were Rs.636mn, 59.2% Y-o-Y growth, whilst earnings grew at 62.6% to stand at Rs.509mn.  Leisure, travel and aviation segment recorded a total revenue of Rs.775mn, reflecting an 8.2% Y-o-Y growth for the three months under consideration.

“During this usual low season for the Leisure industry and despite a decrease in occupancy at Avani Bentota and Club Hotel Dolphin,Serendib Hotels posted a revenue growth of 4.8% with traditional markets performing slightly below expectations.  Travel and Aviation segment also showed mixed results with some GSAs showing improvements in both yields and number of passengers handled, while others faced competitive operating environments. As a result, the segment recorded a decline in revenues of 4.3%,” the CEO pointed out.