Aitken Spence Reports Strong Q1 Results

3 Aug

Aitken Spence PLC released its first quarter financial results to the Colombo Stock Exchange on Tuesday, reporting a pre-tax profit of Rs 647mn for the three months ended 30th June 2010, a growth of 33 per cent, compared to last year. Profits attributable to the shareholders soared by 50 per cent to Rs 440mn during the quarter, over the previous year.

Group Revenue has increased by 12 per cent to Rs 5.66 bn, while earnings per share rose 50 per cent from Rs 10.86 to Rs 16.24.

Deputy Chairman & Managing Director Mr. J M S Brito said, “Our Tourism sector performed stronger during the quarter with the Sri Lankan leisure segment reporting an improved performance compared to last year, despite Neptune Hotel being closed for renovation.  We have been able to trim our losses in the Maldives leisure segment, where the industry is still recovering from the downturn.”

During the quarter under review, Aitken Spence Hotel Holding successfully concluded a rights issue of one new share for every four held at an issue price of Rs. 260/- per share to finance future investments.

“Our commitment to Sri Lanka over the years, displayed through investments made into our resort portfolio in the island has positioned us strongly to reap the benefits of the tourism upturn we are beginning to witness. We have aggressive plans to strengthen our tourism interests in the island to position Sri Lanka as a high-end sustainable tourism destination”, added Mr. Brito.

The Group’s Singapore Airlines agency recorded strong growth during the quarter by reporting profits, compared to the corresponding period last financial year. Printing and Insurance sectors showed an improved performance from last year, while earnings from the Cargo Logistics and Strategic Investments sectors remained flat.

During the period under review, Aitken Spence Travels and its subsidiary Ace Travel & Conventions won the two most important awards given for travel companies as the Best Destination Management Company and the Best Conference Organiser respectively for the third consecutive year, gaining entry into the Hall of Fame at the Presidential Awards for Travel & Tourism. The Group’s flagship hotel, Heritance Kandalama was rated as the Best 5-Star Resort in the island for the third consecutive year and was also welcomed to the Hall of Fame.

Media Release – 03 August 2010

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