Sri Lanka’s Aitken Spence March 2014 quarter profits up 12-pct

May 27, 2014 (LBO) – Profits at Sri Lanka’s Aitken Spence, which has interests in leisure, logistics and power rose 12 percent from a year earlier to 1.36 billion rupees in the March 2014 quarter helped by tourism, interim accounts show. The firm reported earnings of 3.36 rupees per share for the quarter. In the year to March the group reported profits of 9.04 rupees per share on total profits of 3.6 billion rupees which grew 11.6 percent.

Group revenues grew 25.7 percent to 11.7 billion rupees in the March 2014 quarter and direct expenses grew at a slower 19.3 percent to 2.6 billion rupees. Raw materials and consumables grew 62 percent in the quarter to 3.9 billion rupees.

Indirect expenses also rose to 1.89 billion rupees from 1.0 billion rupees a year earlier.

Other operating income of 243 million rupees, boosted by a fire insurance claim, helped the bottomline.

Aitken Spence, which has hotels in Sri Lanka and the Maldives said during the year to March it benefitted from better tourism revenues. Sector profits rose to 3.7 billion rupees from 2.9 billion rupees.

The group had entered into a deal with Spain’s RIU Hotels on a 100 million US dollar resort which was expected to begin construction in the second hal