Aitken Spence posts impressive results
Blue chip conglomerate Aitken Spence PLC reported its interim results
to the Colombo Stock Exchange on Thursday, showing Rs 3.1 bn as profit
before tax, which is an increase of 18 per cent for the nine months
ended 31st December 2012, amidst challenging macroeconomic conditions.
Profit attributable to shareholders rose by 24 per cent to Rs 2.1 bn,
over the previous year.
Aitken Spence Deputy Chairman and Managing Director, J.M.S.
Brito |
The diversified group’s nine-month revenue rose by 30 per cent to Rs.
27.8 bn while earnings per share increased by 24 per cent to Rs. 5.11.
Aitken Spence is among Sri Lanka’s leading and most respected
corporate entities with operations in South Asia, the Middle East and
Africa. Listed on the Colombo Stock Exchange since 1983, it is an
industry leader in hotels, travel, maritime services, logistics, power
generation and printing. The diversified group has a significant
presence in plantations, financial services, insurance, information
technology and apparel.
“Our satisfactory results for the 9-month period has been mainly
driven by our tourism and strategic investments sectors. Our resorts in
the Maldives performed exceptionally well with better occupancies. We
are keen to strengthen our leisure portfolio in Sri Lanka and overseas.
However, we would like to reiterate the need for a robust destination
marketing strategy for Sri Lanka to overcome some of the key challenges
we are presently facing in tourism and to achieve the industry’s full
potential for the country”, said J. M. S. Brito, Deputy Chairman and
Managing Director of Aitken Spence PLC.
“Since many of our companies generate revenues in foreign currency,
during the current year, we did not get the benefit of the currency
depreciation compared to the previous year. This is reflected in the
reduction in the other operating income during the period”, he added.
“The full operation of our 100 MW power plant in Embilipitiya, which
was shut down in the first quarter of the last financial year,
strengthened the performance of the strategic investments sector when
compared with the previous year”, he said.
“Given the demanding global environment at present, we believe the
Company would find it challenging to match the outstanding fourth
quarter performance it achieved during the previous year”, he concluded.
During the last quarter under review Aitken Spence was recognized as
the ‘Best Corporate Citizen 2012’ by the Ceylon Chamber of Commerce (CCC).
Aitken Spence also received two sector awards for ‘Environment’ and
‘Economic Contribution & Governance’, as well as the category award for
‘Financial Performance’.
Aitken Spence’s premier beach property in Sri Lanka, Heritance
Ahungalla was presented with the Gold Award at the National Green Awards
conducted by the Central Environmental Authority, during the last
quarter under review. Heritance Ahungalla has successfully taken over
the baton from Heritance Kandalama, which was received the same
distinction during the previous year. |