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News / Business/ Sri Lanka: Lanka Marine Services Q1 bunker sales ‘impacted’ by prices

Sri Lanka: Lanka Marine Services Q1 bunker sales ‘impacted’ by prices

28 Jul 2019
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John Keells Holdings (JKH), the largest conglomerate in Sri Lanka, recently said the bunker sales volume of subsidiary Lanka Marine Services (LMS) during the three months ended 30 June (Q1) 2019 was “impacted” by a significant variation in base fuel prices during the months of May and June.

The change in prices “increased the selling price parity between Colombo and Singapore, impacting the overall volumes of bunkers sold in Sri Lanka,” it noted while adding the development affect LMS’ profitability.

JKH did not offer financial records of LMS but shared the net profit of its transportation business segment, which includes LMS.

In summary, the net profit of its transportation business was US $5.46 million in Q1 2019, higher when compared to US $4.69 million in Q1 2018.

“The increase in profitability is attributable to the performance of the Group’s Ports and Shipping business, South Asia Gateway Terminals (SAGT),” it explained.

“During the quarter under review, the Port of Colombo witnessed a year-on-year growth of 5% whilst SAGT recorded a growth in throughput of 6%, with domestic volumes contributing approximately 19% of total volume.”

The other business segments of JKH include consumer foods, retail, leisure, property, and financial services.

Overall, JKH posted total net profit of US $5.12 million in Q1 2019, lower than net profit of US $12.63 million in Q1 2018.

Revenue during Q1 2019 was $ US185.57 million, compared to revenue of US $175.62 million during the similar quarter last year.

Related: Lanka Marine Services posts 20% growth in bunker sales volume
Related: Sri Lanka: JKH posts double digit growth in bunkering

Photo credit: Lanka Marine Services
Published: 29 July, 2019

 

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