Aitken Spence shows strong growth in 1Q

Aitken Spence PLC has reported a pre-tax profit of Rs 734 mn for the three months ended June 30, 2011, a growth of 13.5 per cent, over the previous year.

The diversified conglomerate’s profits attributable to shareholders grew by 25.3 per cent to Rs 551mn during the quarter.

Earnings per share for first quarter ended June 30, 2011 stood at Rs 1.36, an increase of 25 per cent over the corresponding period in the previous year.

The Group’s Maldivian resorts that operate under the Adaaran Resorts umbrella showed strong growth from the first quarter of last year.

With five award-winning resorts under its portfolio, Adaaran is the fourth largest resort operator there.

With several new projects on port related services from South Africa coming online during the quarter under review, Aitken Spence’s overseas maritime services arm recorded a significant growth in profits compared to the same period last year.

The Company’s travel arm, the largest inbound operator in the country, recorded a robust performance during the quarter under review.

Aitken Spence Travels is a joint venture with TUI Travel Plc, the world’s largest integrated tourism group. TUI generates over 30 million tourists worldwide and operates over 150 owned aircrafts.

Group revenue for the period showed a drop of 2 per cent over the corresponding quarter. The closure of its largest power plant at Embilipitiya during most of the quarter due to repairs and maintenance, as well as the closure of two Sri Lankan resorts for refurbishment contributed negatively to Group revenue.

The former Neptune Hotel in Beruwala which was closed for refurbishment during the quarter is now opened as Heritance Ayurveda Maha Gedara, an up market wellness resort.

Aitken Spence Deputy Chairman and Managing Director, J M S Brito said, reflecting diversified interests, the quarter’s strong growth was fuelled by vigorous performances by several of our strategic business units.

“We are delighted to note the outstanding achievement of the culinary team of our hotels sector who were rated the Best Hotel Team and Best Culinary Team in Sri Lanka after competing against both international and domestic star class hotels at the 14th Culinary Art Competition. Such achievements are testament to our relentless commitment to being globally competitive in whichever business we are, Brito said.
source - www.dailynews.lk

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