JKH Records Steady Performance For 1Q

Says impacts from travel restrictions less pronounced on group’s biz during quarter. Except for consumer foods, all other segments record improvement in profitability. JKH Chairman says business activity has seen a strong recovery to ‘near normal’ levels since July

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Sri Lanka’s premier blue chip John Keells Holdings PLC ( JKH) recorded a steady performance for the June 2021 quarter (2Q22), as the impacts of the COVID-19-induced travel res t r ic t ions during the quarter were less pronounced on the group’s business compared to the previous year.

For the quarter under review, JKH recorded earnings of Rs.1.16 a share or Rs.1.5 billion, on a revenue of Rs.38.8 billion, compared to a loss of Rs.1.26 a share or Rs.1.6 billion reported for the corresponding quarter of the previous year.

A comparison of the performances between the two corresponding quarters is somewhat distorted, as the virus-related restrictions were largely lenient during 1Q22, compared to 1Q21.

Besides, JKH Chairman Krishan Balendra said the group was able to perform better during 2Q22, compared to 2Q21, “given the better insights on consumer behaviour and business momentum, which aided the businesses to better navigate through this outbreak”.

He also said, “Since the easing of the restrictions from early July 2021, barring inter-provincial travel for non-essential services, business activity has seen a strong recovery to ‘near normal’ levels.”

However, the impact on the group during the quarter under review is clearly understood when the 1Q22 performance is compared with the previous quarter (4Q21).

Even though the group was able to maintain its revenue almost at the