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| Friday, 5 November 2004 |
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Net profit up by 63% to Rs. 715 million: Aitken Spence 1H revenue up by 93% to Rs. 5b Aitken Spence & Co. Ltd has once again recorded excellent earnings for the half year ended 30 September 2004. With the revenues exceeding 5 billion rupees and a growth over last year of 37%, the company recorded a 93% growth in profits before taxation. Net profit attributable to shareholders increased by 63% to reach Rs. 715 million, whilst the earnings per share for the six month period was Rs. 26.42. The credit for the company's exceptional bi-annual performance is owed to the improvement in the overall operations of the Group, while the Tourism and Power Generation sectors have been the key contributors to its profitability. The results for the period also include a capital gain from the sale of 25% of its inbound travel company to TUI Ag., the largest tour operator in Europe. Healthy contributions from the cargo logistics and manufacturing sectors also boosted Group profits. The tourism industry in Sri Lanka recording a 12% growth rate in arrivals, as against the same period last year. However, the inbound operations at Aitken Spence has recorded a growth of 36% in arrivals and is showing signs of further improvement in the winter. After experiencing a rather discouraging summer in 2003, where occupancies at its tourist resorts in the Maldives were not up to expected levels, the company has made a remarkable come-back this year by achieving 70% occupancies in these resorts during this summer, while the local hotels also reached substantially higher occupancies and experienced a turn-around from last year. With the advent of the tourist season, this year is perceived by analysts to be a significant one for the tourism industry. Aitken Spence was once again listed in the prestigious Forbes Global magazine, as being among the 100 most successful companies with annual sales of under one billion US Dollars, outside the United States. The magazine made their selections after screening 2600 companies based on strict criteria and captured companies that displayed profitability, economic dynamism, entrepreneurial effectiveness and companies with a track record of rewarding their shareholders. According to Forbes Global they have been refining this collection for six years, and it has been a consistent guide to winners. It is noteworthy that Aitken Spence is the only Lankan company to be selected this year, together with 24 Indian companies among others. With a view to expanding its diversified operations in the shipping and logistics sector, the company recently invested in two container vessels. |
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