3 b, 14.9% over Q2 while operating profit and earnings rose by
2 b and
"This growth was driven by our Consumer and Healthcare businesses with strong performance by Atlas during the important back to school season," saidHemas Holdings Plc Group CEOSteven Enderby . table " border="0" cellpadding="1" Group CEOSteven Enderby On a year-to-date basis, the Group's performance has been impacted by the aftermath of the Easter Sunday attacks during Q1 and Q2, recording a consolidated revenue of Rs.
47 b for the nine months ended
Operating profits for the first nine months of the financial year were
6Bn, a Year-on-Year (YoY) decline of 39.9%. Group earnings stood at Rs.
755.9 m for the nine months. Q3 indicated a significant recovery in profitability to Rs.
974.7 m from the cumulative loss of
46.6 b and earnings of
1 b, 1.8% growth and 57.0% decline over last year, excluding the negative impact of Rs.
230 m from Nable, the technology business sold in Q2 FY20 and Hemas Southern Hospitals which
Our monthly Consumer revenues returned to prior year levels by the end of Q2 and we reported a Q-o-Q growth in revenue and operating profits of
7 b and
Despite this challenging environment, according to the Group CEO the Q3 has been an active quarter with a number of launches and re-launches in the Home and Personal Care range in
Due to the sharp slowdown in the first quarter, year-to-date consumer sector revenue stood at
8%. Sector profits of Rs.
1.8 b witnessed a drop of 35.7% over last year due to higher spends in marketing and sales and distribution, to strengthen the
22.5 b, a YoY increase of 9.8% whilst operating profit and earnings increased by 6.
1% and 1.3%, due to steady recovery at Morison and Hemas Hospitals compared to the first half.
Both Thalawathugoda and Wattala hospitals recorded a strong recovery in revenues and profitability aided by improved operating metrics with average occupancy of 70% during the quarter. Hemas Hospitals improved Q3 operating profitability over Q2 by approximately Rs.
100 m with EBITDA margins nearing prior year levels.
2.7 b and operating profit of Rs.
187 m for the nine months ended
"During the period we signed a new five-year buyback agreement with the Ministry of Health continuing to build on our growing reputation as a high quality, cost effective pharmaceutical supplier to the nation. The construction of our new plant is progressing well and we are now installing machinery and equipment," Enderby said.
"We continue to invest behind new initiatives within the healthcare space, with our pharmaceutical distribution in
Net finance cost increased due to working capital financing at pharmaceutical distribution and the expenditure on the new Morison manufacturing plant," he added.Leisure, Travel and Aviation: Hemas Leisure, Travel and Aviation business performance declined sharply with revenues and earnings down Rs.
584.8 m and
A series of stringent cost control initiatives partially offset this fall in profitability. Although tourist arrivals in Q3 indicate an 11% shortfall over last year, arrivals to
995.3 m, a 51.2% decline over last year with an average occupancy of 73% across its hotels during the quarter, 13% below the occupancy achieved in the same quarter last year. Rates across all properties reduced during the period under review, in order to boost occupancy, which led to a drop in profitability during the peak season.
Against this backdrop, Travel and Aviation interests also recorded a revenue decline of 13.2%, and an operating loss of
Mobility: Hemas Logistics and Maritime recorded a revenue decrease of 15.6% over last year, with revenues of
8 b. New business volumes in the new Spectra distribution centre have built up more slowly than planned.
By
"The Group has seen an ongoing recovery in a period of weak economic growth. This performance demonstrates the resilience of our business model and the dedication of our team.
We continue to work hard to sustain our growth in the final quarter. We anticipate an improvement in consumer sentiment and economic activity due to the fiscal stimulus measures, announced by the new Government, feeding through into the economy," Group CEO Enderby said.
© Pakistan Press International, source