Aitken Spence Ups PBT By 20.6% In Q1

Aitken Spence PLC reported a pre-tax profit of Rs 1.2 bn for the first quarter, a growth of 20 per cent, over the previous year, while the Group's profit attributable to shareholders of the parent grew by 12 per cent to Rs.746 mn.

The company's financial results for the three months ended June 30, 2014 released on Friday, reported revenue for the first quarter has increased by 28.8 per cent to Rs. 10.32 bn, while earnings per share for the quarter stood at Rs. 1.84, an increase of 12% per cent over the corresponding period in the previous year.

The Tourism arm of the Group, which includes hotels in Sri Lanka, the Maldives, India and Oman together with its leading destination management company in Sri Lanka, reports healthy returns.

The sector also expanded its portfolio with Al-Jabal Al-Akhdhar hotel in Oman and a five-star 143 room hotel in Chennai, India. Proposed 500-room, USD 100 million beach resort in Ahungalla jointly owned with international hotel chain - RIU commenced its construction during the quarter and is expected to open during the second half of the financial year 2016/17.

 Aitken Spence Chairman D H S Jayawardena said, ''We have the Mattala Airport facility in place, giving us an ideal mix for our business model. Aitken Spence has always encouraged infrastructure development in the country and our investment is proof of our confidence and support to government's development plans.

Maritime and Logistics sector saw its revenue increase by 38.8 per cent to Rs. 2 bn and pre-tax profits rose by 40 per cent to Rs. 183 mn. Revenue from the Strategic Investments sector drew significant growth during the said quarter due to higher contribution from the Power, Printing and Plantations sectors.

The sector reported a revenue of 5 bn for the financial year under consideration which was a growth of 38.8 per cent and a profit before tax of Rs 302 mn, a growth of 77.1 per cent compared to the previous year. Increased generation by the Embilipitiya power plant resulted due to the drought condition which prevailed in the country while commendable performance from Aitken Spence Printing and Elpitiya Plantations helped enhance the sector's results. 


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