Monday, 11 August 2014 00:00
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Diversified blue chip conglomerate Aitken Spence PLC reported a pre-tax profit of Rs. 1.2 b for the first quarter, a growth of 20% over the previous year, while the Group’s profit attributable to shareholders of the parent grew by 12% to Rs. 746 m.
The company’s financial results for the three months ended 30 June 2014 released to the Colombo Stock Exchange on Friday, reported that the revenue for the first quarter increased by 28.8% to Rs. 10.32 b, whilst earnings per share for the quarter stood at Rs. 1.84, an increase of 12% over the corresponding period in the previous year.
The Tourism arm of the Group, which includes hotels in Sri Lanka, the Maldives, India and Oman together with its leading destination management company in Sri Lanka, reported healthy returns. The sector also expanded its portfolio with Al-Jabal Al-Akhdhar hotel in Oman and a five-star 143 room hotel in Chennai, India.
The proposed 500-room, $ 100 million beach resort in Ahungalla jointly owned with international hotel chain RIU commenced its construction during the quarter and is expected to open during the second half of the financial year 2016/17.
Aitken Spence PLC Chairman Deshmanya D.H.S. Jayawardena said: “We have the Mattala Airport facility in place, giving us an ideal mix for our business model. Aitken Spence has always encouraged infrastructure development in the country and our investment is proof of our confidence and support to government’s development plans.”
The Maritime and Cargo Logistics sector performed well, boosted by the income from its strategic entry into port management operations in Africa and the South Pacific regions. The contribution from the acquired subsidiary Ports Terminal Ltd. Fiji, which is also managed by the Group, enhanced the profits of the sector. The Maritime and Logistics sector saw its revenue increase by 38.8% to Rs. 2 b and pre-tax profits rose by 40% to Rs. 183 m.
Revenue from the Strategic Investments sector drew significant growth during the quarter due to higher contribution from the Power, Printing and Plantations sectors. The sector reported revenue of Rs. 5 b for the financial year under consideration which was a growth of 38.8% and a profit before tax of Rs. 302 m, a growth of 77.1% compared to the previous year.
Increased generation by the Embilipitiya power plant resulted due to the drought condition which prevailed in the country while commendable performance from Aitken Spence Printing and Elpitiya Plantations helped enhance the sector’s results.
Aitken Spence is amongst Sri Lanka’s leading and most respected corporate entities with operations in South Asia, the Middle East, Africa and the South Pacific. In Sri Lanka, it is an industry leader in hotels, travel, maritime services, logistics, power generation and printing, with a significant presence in plantations, financial services, insurance, information technology and apparel.
During this said period last year, Aitken Spence PLC launched Empowering Sri Lanka First (ESLF), an English and computer teaching program for children as its flagship corporate community engagement initiative. The program completes its first year during this quarter and continues to benefit more than 160 students in Dambulla, Ahungalla and Mawaramandiya.
