Aitken Spence records Rs. 1.5 b PBT in 1H

Chairman Harry Jayawardena

Diversified group Aitken Spence posted a pre-tax profit of Rs. 1.5 billion for the six months ended 30 September 2015, while reporting a post-tax profit of Rs. 1.15 billion. 

The blue chip’s half-year revenue was recorded as Rs. 11.9 billion, results released to the Colombo Stock Exchange revealed. Profit attributable to equity holders was Rs.781 million for the six months while earnings per share was Rs. 1.92 for the same period. 

The conglomerate posted Rs. 773 million as pre-tax profits and Rs. 567 million as post-tax profits for the second quarter while recording Rs. 6 billion as revenue. Earnings per share for the quarter stood at Rs. 0.89. 

The corresponding results for the previous year included the profits from the operation of the Embilipitiya power plant and insurance proceeds received for the damaged water villas at one of its resorts in the Maldives. If these items were excluded from results of the previous year it would have resulted in a favourable increase in the consolidated profit before tax by 24%. 

Aitken Spence PLC is among Sri Lanka’s most dynamic and respected corporate entities with operations in South Asia, the Middle East, Africa and the South Pacific. Listed in the CSE since 1983, it has major interests in hotels, travel, maritime services, logistic solutions and power generation. The group also has a significant presence in plantations, printing, garments, financial services, insurance and information technology.

Tourism sector recorded a pre-tax profit of Rs. 900 million with revenues of Rs. 5.76 billion for the six months. Maritime and Logistics sector performed well with Rs. 527 million as profit before tax and Rs. 3.42 billion as revenue for the same period. The Strategic Investments sector, which includes the power generation segment, recorded loss of Rs. 32 million with revenue of Rs. 2.3 billion for the first half of the financial year. The Services sector recorded an improved performance with pre-tax profits of Rs. 109 million, whilst revenue stood at Rs. 426 million, for the six-month period under review. 

Recently, Aitken Spence PLC entered into an agreement to acquire a 20% shareholding in Fiji Ports Corporation Ltd (FPCL). FPCL manages all the major Ports in Fiji and is a wholly owned government company. Aitken Spence entered into the first ever Public Private Partnership overseas by a Sri Lankan company when it acquired a controlling shareholding in Fiji Ports Terminal Ltd in 2013 and signed a 15 year concession agreement to manage Suva and Lautoka international ports in Fiji

Aitken Spence Hotels recently announced the launch of its latest brand, Turyaa by Heritance, at the World Travel Market in London. The brand portfolio consists of Turyaa Chennai and Turyaa Kalutara with several other properties expected to join the brand in the next two to three years. 

Aitken Spence expanded its presence in the Maldives through its acquisition of Raafushi Island in Noonu Atoll on a head lease this April. Plans are being reviewed for an approximately 200-room resort in the island.