Financial Times

Aitken Spence results weakened by tourism, boosted by transport

By Natasha Gunaratne

Aitken Spence PLC has reported a 1H09 net profit increase of 5% year on year to Rs.792 million.
According to the company's consolidated statement for the six months ended 30th September 2008, a segmental analysis indicates that the tourism sector performance has weakened in the same period but the company's cargo logistics sector has reported strong growth. The strategic investment sector, primarily power, continues to be the largest contributor to group profitability.

The statement shows that profits from operations for the six month period from the tourism sector decreased to Rs.111,999 million in 2008 compared to Rs.253,264 million in 2007.

The cargo logistics sector profits increased to Rs.262,853 million from Rs.200,633 million from the previous year while profit from strategic investments also rose to Rs.1,121,562 million in 2008 from Rs.1,105,945 in 2007.

The total revenue generated for the six month period from Sri Lanka was Rs.12,672,946 million in 2008 compared to Rs.10,309,801 the previous year. The total revenue generated from Asia and Africa also increased to Rs.2,777,746 million in 2008 from Rs.2,715,132 million in 2007.

Aitken Spence redeemed unquoted debentures to the value of Rs.200 million during the period under review. The statement also said the company paid the recommended Rs.4 per share as a final ordinary dividend on July 4, 2008 for the year ended 31st March 2008, after it was approved at the Annual General Meeting on 27th June 2008. The total final dividend payment amounted to Rs.108,265,612.

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