Aitken Spence posts Rs. 1.9 b profits

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.