Aitken Spence profits up in Q2

Aitken Spence PLC released its second quarter financial results to the Colombo Stock Exchange reporting a rise in pre-tax profit to Rs 1.6 billion for the six months ended March 31, 2010, while profit attributable to shareholders rose by 37 percent to Rs 1.05 billion, over the previous year.

J M S Brito

The diversified conglomerate's earnings per share rose by 37 percent to Rs 38.65 for the six months while the Group Revenue increased by 11.6 percent to Rs 11.92 billion. Aitken Spence is among Sri Lanka's leading corporate entities with interests in hotels, services, logistic solutions and strategic investments in South Asia, the Middle East and Africa.

Deputy Chairman and Managing Director J M S Brito said the hotels sector performed significantly better during the period under review, driven primarily by properties in Sri Lanka.

He added, "In addition to our active involvement in the expansion of the Port of Colombo, we are moving ahead with major investments in tourism and several other sectors of the country. With an enabling environment for the private sector to invest, Sri Lanka can expect sustained levels of high growth."

During the period under review, the Ministry of Ports and Aviation and Sri Lanka Ports Authority granted the Aitken Spence-China Merchants Holdings International consortium the letter of intent to design, build, operate and transfer a new deep-water container terminal in Colombo Port following Cabinet approval.