Aitken Spence 9-month profit up by 16%

Aitken Spence released its third quarter financial results to the Colombo Stock Exchange on Tuesday.

The blue chip reported a Rs 1.9b as profit before taxation and Rs 1.1b profit attributable to the shareholders for the nine months ending December 31, 2007, a growth of 15.8 per cent and 20.7 per cent respectively, compared to last year.

Group turnover has increased significantly by 35.1 per cent to Rs 18.7 b, up from Rs 13.8b last year. Earnings per Share increased 20.7 per cent from Rs 33.65 to Rs 40.63. Deputy Chairman and Managing Director of Aitken Spence, J M S Brito said: "Satisfactory performance from our diversified portfolio has helped us report steady results for the nine months under review.

The fragile security climate in the country has exposed tremendous challenges to the economy, especially to the tourism sector. We are confident that given improvements in security and macroeconomic stability would bring in greater investments into the economy," Brito said.

The Group made renewed efforts in the corporate responsibility front during the period under review, with the Company opening the Aitken Spence School of Hospitality in Ahungalla as a joint effort of Aitken Spence PLC. The school will be giving training to close to 100 rural youth in surrounding region each year.

The Company resuscitated what used to be a closed down garments factory with opening of the Aitken Spence Apparels factory at the Koggala Export Processing Zone, under the Nipayum Sri Lanka 300 Enterprises Programme, initiated under the Mahinda Chinthana concept.

During the period under review, Heritance Kandalama was yet again recognised for its environmental commitment by the popular US-based Travel and Leisure magazine and Conservation International as one of the top 15 green hotels in the world.

The company is pleased to note that the recognition has raised Sri Lanka's profile as an eco-tourism destination. In a period which saw Aitken Spence Hotels winning many international and local accolades, The Sunday Times of UK named Sri Lanka's first theme hotel, The Tea Factory among the "World's Best 100 Places to Stay" in its September Travel issue while the London-based The Independent named it as one of the top five factory hotels in the world.

The Group's leadership in tourism in the country was officially recognised at the inaugural Presidential Awards for Travel and Tourism winning five prestigious awards, which made it the most awarded Group.