Aitken Spence posts Rs 1.7b profit in 1H
Aitken Spence PLC posted a pre-tax profit of Rs 1.7 billion for six
months ended September 30, 2011, an increase of 7.5% from the
corresponding period last year.
J M S Brito
Half-year results released to the Colombo Stock Exchange on
Wednesday, show a rise of 8% in group revenue to Rs 13 billion. Profit
attributable to shareholders increased by 8.4% to Rs 1.1 billion while
earnings per share rose by 8.4% to Rs 2.79, over the corresponding
period in the previous year. Aitken Spence is among Sri Lanka's leading
and most respected corporate entities with operations in South Asia, the
Middle East and Africa. Listed in the Colombo Stock Exchange since 1983,
it has major interests in hotels, travel, maritime services, logistics
and power generation. The group also has a significant presence in
plantations, printing, financial services, insurance, information
technology and garments.
While the tourism and cargo logistics sectors contributed positively
to revenue, the strategic investments sector showed a decline in revenue
for the period under review.
The growth in pre-tax profit was mainly driven by our resort
portfolio in the Maldives and maritime services arm, which includes our
operations in southern Africa. We are pleased to report strong
performance by our printing and garment businesses, Aitken Spence Deputy
Chairman and Managing Director J M S Brito said.
Two of the Group's resorts in Sri Lanka in Kalutara and Negombo
remained closed during the six months for renovation while the former
Neptune Hotel, now rebranded and repositioned as Heritance Ayurveda Maha
Gedara was closed during most of the reporting period. Aitken Spence
operates an award-winning portfolio of 24 resorts in Sri Lanka,
Maldives, India and Oman.
"We are pleased to note that internationally the country is seen to
be a better location to invest and conduct business. In addition to
attracting one of the world's best known spa operators to invest in our
tourism industry, we are looking at attracting major international
investments to the country which are expected to break new ground in the
Sri Lankan economy," Brito said.