Aitken Spence records Rs 387 m profit in 1Q
Improvement in plantation profits:
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J. M. S. Brito
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Aitken Spence PLC released its first quarter financial results to the
Colombo Stock Exchange on Tuesday, reporting Rs 387m as profit
attributable to the shareholders for the three months ended June 30,
2008, a growth of 13.6 per cent, compared to last year.
Group turnover has increased by 8.5 per cent to Rs 6.3 b, up from Rs
5.8b last year. Earnings per Share increased 13.7 per cent from Rs 12.59
to Rs 14.31.
Deputy Chairman and Managing Director J M S Brito said, "Despite the
challenging macroeconomic environment, with high inflation and interest
rates affecting the performance of Sri Lankan operations in all sectors,
the integrated logistics sector and the strategic investments sector
recorded impressive growth in performance during the period under
review.
However,the quarter saw a decline in income from the tourism sector
both in Sri Lanka and overseas."
"The domestic tourism industry continues to struggle in the face of
tremendous macro challenges which have reflected on our domestic tourism
sector's performance," he added.
The performance of the strategic investments sector was strengthened
by the improvement in profits in plantations due to a rise tea prices.
In fact, the Group company, Elpitiya Plantations recently revealed
its best ever year of financial performance.
Aitken Spence School of Hospitality in Ahungalla is scheduled to
commence training for its fourth batch of students this month.
The School, which provides international hospitality careers to rural
youth, expects to count 100 students by end of this quarter.
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