Financial Times

Spence 1Q2009 records a 22.3% drop in profits

 

Aitken Spence PLC, the diversified conglomerate recorded Rs 433.7 million profit, a decline of 22.3% for the three months ended 30th June 2009, over the same period during 2008 with the company saying this is mainly due to drop in earnings from its Maldivian resorts.

The profit attributable to shareholders reduced during this period by 24.1% to Rs 293.8 million compared to the Rs 387.1 million in the same period a year earlier. Aitken Spence hotel sector operations recorded a Rs 85.6 million loss during the quarter under review compared to Rs 46.3 million profit during the same period in 2008. The total revenue generated from this sector also dropped in this period, recording Rs 1.5 billion compared to the Rs 1.66 billion in the same period in 2008.

Aitken Spence Hotels a few months ago, announced that its three star property, Neptune Hotel will be transformed into a 60 room wellness resort under its Heritance brand umbrella to better position itself to the rising demand in tourist arrivals after the war.

The cargo and logistics sector profits recorded Rs 130.4 million in this quarter under review compared to Rs 94 million in the same period in 2008. The cargo logistics sector includes maritime services, cargo, integrated logistics and courier services.


 
Top to the page  |  E-mail  |  views[1]
 
Other Financial Times Articles
> US report highlights corrupt Lankan deals
> Central Bank requested to rectify Banking Act anomaly: CSE
> Seylan withdraws disputed letter
> Smiling Lanka 22nd happiest place to be
> Hayleys to present strategy report next week
> Insurance Board seeks new DG
> Golden key is a ‘bribe’
> COMMENT - Corruption 2: Under world scrutiny
> Corrupt privatization doesn’t deter IMF lending to Sri Lanka
> Water's Edge revival case dismissed
> IMF loan will boost reserves
> Hikka Fest draws the crowds with scintillating drum festival and other top performers
> Ceylinco Takaful registration suspended for 3 weeks
> EFC workshop on the survey on manpower issues
> FCCISL, Oxfam partnership for humanitarian emergencies
> Lankan foreign reserves rise sharply in four months
> Sri Lanka’s Heladiv opens stores in China
> Computer training for visually handicapped
> End of war positive for economic growth
> ‘Horlicks Smart Pass’ seminars for Grade 5 scholarship students
> Hertz for hire in Lanka
> 12 bank accounts of F&G suspended
> Fitch affirms Standard Chartered Bank despite adverse publicity issues
> Airtel in partnership network to spread its services
> DFCC profits gain in first quarter
> Lankan inflation remains low in July
> Nawaz and Manilal join CCI as Vice Presidents
> Haycarb maintains growth in 1Q 2009-10
> ICASL ‘Leads a New Beginning’ at 30th National Conference
> Cornucopia Lanka offers assessment solutions
> AIU Holdings advances towards operating independence
> PBJ case to be mentioned
> Room to Read challenge to local businesses
> Good performance in three sectors sees Hayleys profits rise by 16%
> Biz delegation from Yunnan Province, China keen on investment
> SLT, Mobitel unveil flagship store in Kandy
> Tokyo Cement’s new concrete mix for homemakers
> Sri Lanka Tourism officials return after study tour
> Heritance Kandalama partners AFLAC to uplift school library in Dambulla
> Ogilvy Action gearing to enter North and East
> UAL reports steady progress in 2Q
> KVPL wipes off first quarter losses in 2Q ’09
> $25 mln investment from the US under discussion
> Heritance Kandalama partners AFLAC to uplift school library in Dambulla
> IMF agreement will not stop spending increases for North and East – Central Bank
> CB urged to expedite the GK repayment plan
> Rice processing centres for Batticaloa
> Spence 1Q2009 records a 22.3% drop in profits
  Sampath Bank Post Tax Profit up by 29.8% in 1H 2009
> Moneragala to be developed as Sri Lanka’s rubber industry hub

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2009 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution