Aitken Spence Profits up by 37pc in first Six months of F/Y 2010/11

2 Nov

Aitken Spence PLC released its second quarter financial results to the Colombo Stock Exchange on Tuesday, reporting a rise in pre-tax profit to Rs.1.6 bn for the 6 months ended 31st March 2010, while profit attributable to shareholders rose by 37 per cent to Rs. 1.05 bn, over the previous year.

The Sri Lanka-based diversified conglomerate’s earnings per share rose by 37 per cent to Rs. 38.65 for the six months while the Group Revenue increased by 11.6 per cent to Rs. 11.92bn

Aitken Spence is among Sri Lanka’s leading corporate entities with interests in hotels, services, logistic solutions and strategic investments in South Asia, the Middle East and Africa.

Deputy Chairman & Managing Director Mr. J M S Brito said, “Our hotels sector performed significantly better during the period under review, driven primarily by our properties in Sri Lanka. We were also able to improve the profits from our chain of resorts in the Maldives.”

He added, “In addition to our active involvement in the expansion of the Port of Colombo, we are moving ahead with major investments in tourism and several other sectors of the country. With an enabling environment for the private sector to invest, Sri Lanka can expect sustained levels of high growth.”

During the period under review, the Ministry of Ports and Aviation and Sri Lanka Ports Authority granted the Aitken Spence-China Merchants Holdings International consortium the letter of intent to design, build, operate and transfer a new deep-water container terminal in Colombo Port following Cabinet approval.

Aitken Spence announced in September 2010 that it signed an agreement with the well known luxury resort operator Six Senses group to establish the first Six Senses property in Sri Lanka as a 50:50 joint venture at a cost of approx.  USD 40 mn.

“The company’s ability to attract a globally acclaimed brand in up-scale sustainable tourism to invest in a major project in Sri Lanka would greatly help Sri Lanka attract similar brands to the island and establish itself as a high-end destination that offers a sustainable tourism product”, said Mr Brito.

With the view to expanding its Container Freight Station activities in order to cater to the expected demand  the Company acquired a  46,000 sq. ft. state-of- the-art Container Freight Station facility during the period under review

On 05th October 2010 the Company subdivided its shares on the basis of  1 ordinary share into 15 ordinary shares. Consequent to the subdivision the number of ordinary shares of the Company increased from 27,066,403 to 405,996,045, without any change to the Stated Capital of the Company of Rs. 2,135 million.

During the six months under review  the Company paid an interim dividend of Rs. 3.50 and a final dividend of Rs. 6.50 per share for the year ended 31st March 2010.. The total dividend payment for the year ended 31st March 2010 amounted to Rs. 270,664,030/-.

Media Release – 02 November 2010

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