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.

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