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POSTED AT 09:37 AM 11-08-2017

Aitken Spence records 42% growth in profit

Blue chip conglomerate Aitken Spence PLC reported a pre-tax profit of Rs 678 mn for the first quarter, while the group’s profit attributable to shareholders of the parent grew by 42 percent to Rs. 355mn, over the previous year.

The company’s financial results for the three months ended June 30, 2017 released to the Colombo Stock Exchange on Thursday, reported that the revenue for the first quarter increased by 54 percent to Rs. 11.6bn, whilst earnings per share for the quarter grew to Rs. 0.87, an increase of 42 percent over the corresponding period in the previous year.

“We are pleased to record an improved first quarter performance year-on-year on the strength of our diversified portfolio. Our maritime and logistics, strategic investments and services sectors contributed well to the performance of the group. In the tourism sector, the travels segment did well, while the hotels segment showed mixed results. The Maldives hotels improved on the last year’s performance in the first quarter, and we expect the growth momentum to continue. Our hotels in Sri Lanka had a challenging year despite strong performances from our flagship properties, Heritance Kandalama and Heritance Tea Factory,” said J M S Brito, Deputy Chairman and Managing Director of Aitken Spence PLC.

The resumption of full operations of its power plant in Embilipitiya, and the consolidation of RIU Sri Lanka hotel as a subsidiary with effect from the third quarter of the last financial year boosted the Group’s revenue. The 500-room RIU Sri Lanka located in Ahungalla is partnership between Aitken Spence and RIU Hotels & Resorts. RIU operates 95 resorts in 19 countries.

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