Aitken Spence achieves highest ever profit, strengthens global
prospects
CORPORATE RESULTS: Sri Lanka’s leading diversified conglomerate
Aitken Spence, reported its highest ever profits for the financial year
2006/07.
The conglomerate posted a profit before tax of Rs. 2.6 billion for
the financial year, a 35.1per cent increase over the previous year.
The exceptional growth, despite an adverse tourism climate in the
country is credited to the visionary expansion of the Group’s business
portfolio.
This expansion of the Group’s business activity and the global reach
taken by the Group in the recent past contributed to the 45.4 per cent
increase in Group revenue to Rs. 19.8 billion for 2006/07, being the
highest ever revenue recorded.
Net Profit attributable to equity holders of the company increased by
20.3 per cent to Rs. 1.5 billion, the highest reported.
Earnings per share recorded a growth of 20.2 per cent to Rs. 53.93
and the Group generated a positive economic value addition of Rs. 1.97
billion during the financial year.
Deputy Chairman and Managing Director Rajan Brito said that whilst
not diluting the interests in Sri Lanka, the Company looked to a
strategy of cross border expansion within the spheres of hospitality
management, port services and power generation overseas.
“I am pleased to note that in the current year our vision to explore
global prospects became a reality. A reality borne through fortitude and
an attitude attuned to accomplishment.
Innovation and transformational changes in attitude have been the
hallmarks that characterised this change in the organisation’s future
outlook,” commented Brito in his review in the Annual Report.
The company’s unrivalled leadership in service quality and product
excellence in the hotel sector facilitated the entry into the Indian
hospitality industry.
Aitken Spence in the year under review successfully sourced and
finalised management contracts with several properties in India whilst
negotiations are underway to finalize agreements for further properties.
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