Business Times

Aitken Spence group revenue up 4%, after-tax profits up 12%

The Harry Jayawardena- controlled Aitken Spence group has released its 2010/2011 results for the 12 months to end-March, in which it revealed group revenue increases to the tune of 4% year-on-year, to Rs. 25.14 billion. Additionally, group revenue for the three months to end-March 2011 was virtually stagnant at Rs. 6.93 million, compared to Rs. 6.85 billion for the year before.

At the same time, after-tax profits for the group, which has interests in hotels, power generation, cargo logistics and plantations, were up more than 12% year-on-year, to Rs. 3.42 billion, for the 12 months to end-March 2011.

Further, the same line item was up close to 20%, to Rs. 1.23 billion, for the three months to end-March 2011. Also shown in the group's financials, revenue from tourism (hotels), cargo logistics and service sector business all experienced year-on-year increases, with more than Rs. 1 billion in revenue and close to Rs. 500 in after tax profit added in terms of its tourism alone. Meanwhile, according to reports, the group has three Heritance brand properties currently operating, with another two hotel properties to be opened in 2011.

The group was also said to have bought a majority stake in Hilltop Hotel in April 2011 while also having plans for at least three more hotels in the run up to 2013, one in Negombo, one in Ahungalla and one in Nilaveli.

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