Sailing despite rough weather:

Aitken Spence turnover tops Rs. 12.5b

Managing Director, J M S Brito

Aitken Spence released its second quarter financial results to the Colombo Stock Exchange on yesterday, reporting a Rs 1.24b as profit before taxation and Rs 757.3m profit attributable to the shareholders during the first six months of operation, a growth of 18.7 per cent and 16.5 per cent respectively, compared to last year.

Group Turnover has increased significantly by 33.4 per cent to Rs 12.5 b up from Rs 9.4b last year.

Sri Lanka's hotel industry is yet suffering from the political and economic situation in the country. Whilst dealing with these adversities to a certain extent, this quarter's performance has improved slightly with an increase in occupancies of the local hotels.

The performance of the group's Maldivian Adaaran brand also contributed to the growth in the profits of tourism sector. Reflecting on this growth, Deputy Chairman and Managing Director of Aitken Spence J M S Brito released the following statement.

"Our growing presence in the Maldives and India reflects our commitment to being a strong player in the regional hospitality industry in the near future.

Whilst concentrating on our efforts to build Sri Lanka as a key tourist destination we are confident that our overseas expansion will not only benefit us as a company but the benefits will be felt as a nation through a significant enhancement of skills and experience.

Further the winter season in Sri Lanka looks promising with an increase in the number of bookings and barring any adverse incidents this sector will fare reasonably well at year end."

Adding to its resort portfolio, the group acquired Vadhoo Island Resort in the Republic of Maldives.

The Company, which was the first Sri Lankan Company to enter the Maldivian hospitality sector, is convinced that this investment will boost its Hotel Sector growth in the years to come.

The infrastructure development sector performed up to expectation during the period under review, while the Groups investment in the South African port operation and the new shipping agencies secured during last financial year contributed positively towards the growth in the results of Cargo Logistics sector.

The group has also submitted a bid to participate in the development of the Colombo South Harbour.