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| Thursday, 3 March 2005 |
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Aitken Spence records Rs. 875m profit Aitken Spence & Co., Ltd., one of Sri Lanka's most diversified blue chip conglomerates, has once again recorded excellent earnings for the nine-month period ended December 31, 2004. With revenues exceeding LKR 7.8 billion, reflecting a growth of 27.8% in comparison to the corresponding period of the previous year, Aitken Spence recorded profits before taxation of over LKR 1.3 billion, an increase of 42.2%. after providing for an amount of Rs. 242 million on account of damages sustained by some of the Group's hotels in the tsunami. Net profit attributable to shareholders increased by 23.9% to Rs. 875.42 million with Earnings per Share for the period increasing to Rs. 32.40. The growth in Spence's profitability is owed to the steady performance by its tourism, cargo logistics and strategic investment sectors that encompass the ambit of its overall operations. The tourism sector recorded a 33.6% growth, while the growth in profitability in the Cargo Logistics sector was a promising 48.4%. The strategic investment sector also recorded a healthy 58.5% increase in profits. The company is planning to launch a large housing project in addition to other infrastructure, and hopes to provide shelter to over 150 affected families by constructing houses in special villages to be set up in Ahungalla and Trincomalee. Having established a special "Tsunami Relief Fund", the company intends raising a considerable amount towards this development project. |
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