Sri Lanka Aitken Spence Hotels buoyed by overseas gains

Feb 12, 2009 (LBO) – Sri Lanka’s Aitken Spence Hotels said group net profit for the December 2008 quarter shot up almost 200 percent to 358 million rupees. Revenue for the nine months to December 31, 2008 rose eight percent to 4,505 million rupees

The company said six months of the period under review relates to the off season of the tourism industry both in Sri Lanka and overseas where the group operates.

Aitken Spence’s Sri Lankan hotels reduced losses to 88 million rupees in the nine months period from 120 million rupees a year ago.

But profits from its South Asian sector rose to 469 million rupees from 376 million rupees over the same period.

Aitken Spence runs seven resorts in the Maldivian atolls and manages hotels in India and the Middle East. The bottom line was buoyed by the sale of a Maldivian resort and earnings from the group’s overseas properties which cushioned losses in Sri Lankan hotels.

Gross revenue for the quarter rose just three percent to 1,660 million rupees, the company, part of the Aitken Spence conglomerate, said in a stock exchange filing.

During the period under review the group sold one of its ov