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Sri Lanka: JKH posts double digit growth in bunkering

31 Jan 2018

Colombo-listed John Keels Holdings (JKH) Tuesday posted lower profits for the nine months ended 31 December (Q3) of 2017.

The company recorded net profit of Rs 11.8 billion ($80 million) in Q3 2017, lower when compared to net profit of Rs 12.5 billion in Q3 2016.

JKH saw total revenue of Rs 87.7 billion in Q3 2017, higher than Rs 76.4 billion in the similar period during 2016.

The company’s bunkering business, namely Lanka Marine Services (LMS), saw increased growth.

“The market share and profits of the group’s bunkering business increased as a result of a double-digit growth in volumes,” said Susantha Ratnayake, Chairman of JKH.

He also added the port of Colombo recorded an 8% growth in throughput in calendar year 2017.

JKR’s transportation segment, which also includes LMS, posted net profit of Rs 2.7 billion in Q3 2017, higher than profit of Rs 2.2 billion in Q3 2016.

The segment’s revenue was Rs 12.7 billion in Q3 2017, higher than Rs 7.9 billion during the third quarter of 2016.

Photo credit: Lanka Marine Services
Published: 31 January, 2018

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