Sri Lanka’s Aitken Spence net up 56-pct

Nov 15, 2012 (LBO) – Sri Lanka’s Aitken Spence group, which has interests in tourism, logistics and power generation said profits in the September 2012 quarter grew 56 percent to 731 million rupees from a year earlier. The group reported earnings of 1.80 rupees per share for the quarter, in results filed with the Colombo Stock Exchange under new accounting rules. \

Earnings for the six months ended September was 3.38 rupees per share on total profits of 1.37 billion rupees which was up 53 percent.

Group revenues rose 31 percent to 9.8 billion rupees during the quarter, from a year earlier. Net finance expenses rose to 212 million rupees (finance expenses 349 million rupees and finance income 212 million rupees) from 39.6 million rupees a year earlier.

“Our growth has been fuelled by an outstanding performance by our tourism sector,” chairman Harry Jayawardena said in a statement.

“We strongly believe that given the right conditions to operate, the private sector in Sri Lanka could be the primary driver for sustained high growth in the Sri Lankan economy.

“We welcome the steps undertaken and promised by the government to encourage private sector investment in the country.”

Last year howe