Sri Lanka’s Aitken Spence second quarter profits up by 15-pct

Aitken Spence PLC posted Rs. 1.12 bn as profits before tax in the three months ended 30th September, an increase of 15.4% year-on-year. Profits attributable to equity holders of the company increased by 8% to Rs. 584 mn while revenue rose by 24.5% to Rs. 12.26 bn, in the quarter from last year.

Earnings per share for the quarter was Rs. 1.44, an increase of 2.3% over the corresponding period.

Financial results released to the Colombo Stock Exchange on Monday showed revenue of Rs. 23.9 bn for the six months ended 30th September 2017, a growth of 37.5% over the corresponding period last year. Profit before tax for the six months rose by 23.8% to Rs. 1.8 bn, while profit attributable to equity holders of the company increased by 18.9% to Rs 939 mn.

Revenue from all four sectors, namely Tourism, Maritime & Logistics, Strategic Investments and Services, increased over the six months, compared to last year.

“The Hotels sector occupancy levels have improved over the past year, although yields have been challenging across the markets that we operate, especially in Sri Lanka and the Maldives”, said J M S Brito, Deputy Chairman and Managing Director of Aitken Spence PLC.

Aitken Spence initiated a waste-to-energy project in August this year that would add 10 MW to the national grid in two years, in addition to providing a long-term solution to the garbage disposal problem in the Colombo Municipality.

Aitken Spence Hotel Holdings PLC, a group company divested its entire holding in its fully owned subsidiary M.P.S. Hotels (Pvt) Ltd., on the 21st of September 2017. The resultant gain on disposal of this investment is reflected under other operating income.

Listed in the Colombo Stock Exchange since 1983, Aitken Spence is a blue-chip conglomerate with a strong regional presence in the Hotels, Travels, Maritime Services, Logistic Solutions, Plantations, Power Generation, Printing, Financial Outsourcing, Insurance, and Apparel sectors.

(Media Release)