Aitken Spence profits grow by 25 % in 1stQView(s):
Aitken Spence PLC has reported a pre-tax profit of Rs 918 million for the first quarter, a growth of 25 per cent over the previous year, while the group’s revenue rose by 54 per cent to Rs. 8.61 billion, the company said last week.The conglomerate’s financial results for the three months ended 30th June 2012 noted that profits attributable to the shareholders rose by 16 per cent to Rs 640 million.
“The enhanced performance from our tourism and strategic investments sectors contributed strongly to the group’s performance”, said J M S Brito, Deputy Chairman and Managing Director of Aitken Spence PLC. Adaaran Resorts, the group’s hotel arm in the Maldives, performed exceptionally during the quarter, the company said. Aitken Spence is largest international resort operator in the Maldives with six award-winning resorts.
The company said relatively higher occupancies than last year saw Sri Lankan hotels post an improved performance.
In its commitment to significantly increase renewable energy sources, Aitken Spence has begun operations of a mini hydro power plant in Matale and a wind power plant in Ambewela.
The group’s first quarter results includes income from Colombo International Nautical & Engineering College (CINEC), Sri Lanka’s largest private higher education institution. Aitken Spence made investments in CINEC during the third quarter of 2011/12.
“The group benefited due to the devaluation of the rupee mainly due to its interests in hotels (in Sri Lanka and overseas), inbound travel and freight forwarding,” it said. Hyundai Glovis Co. Ltd., the car carrier with a worldwide transport network, represented in Sri Lanka by Aitken Spence Shipping Ltd, was the first shipping line to explore the viability of transshipping automobiles via the Magam Ruhunupura Mahinda Rajapaksa (MRMR) Port. The vessel “Asian Sun” of Hyundai Glovis arrived at the Port MRMR Port Hambantota on the June 6 to discharge approximately 1000 units of Hyundai automobiles.
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