Aitken spence posts Rs. 1.9 b profits for 2005
CORPORATE RESULT: Aitken Spence and Co, declared a revenue of
Rs. 13.6 billion a growth of 35% over the previous year, profit before
tax of Rs. 1.9 billion, an 11 per cent growth from last year's Rs.1.7
billion and a net attributable profit of Rs.1.2 billion.
The company posted a positive Economic Value Added of Rs.964.7
million and Earnings Per Share stood at Rs.44.76 with a return on equity
of 15 percent, Deputy Chairman and Managing Director J. M. S. Brito said
in his financial review.
In the tourism sector the Maldives operations recovered strongly
after the tsunami setback to record a satisfactory growth. The Group
invested Rs. 400 million in the Water Villas at Meedhuparu a cluster of
20 luxury water bungalows catering to the up-market tourist. In Sri
Lanka the Group invested Rs. 1.8 billion in refurbishing and
re-positioning its two flagship hotels Kandalama and Heritance (formerly
Triton).
Successful investments continued to provide a steady growth in the
cargo logistics sector, with the maritime transport division investing a
further Rs. 260 million in the expansion of its fleet of container
vessels.
Freight forwarding operations have expanded to India and Dubai with
more strategic locations identified for the year ahead. In the strategic
investments sector the Group invested Rs. 170 million in a
state-of-the-art six-colour printing press and have commenced
construction of a new printing complex near Biyagama to further
strengthen its position in the industry.
In addition an Rs 550 million was invested to increase the Aitken
Spence stake in the 100 MW power plant in Embilipitiya which commenced
operations in April 2005. |