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Aitken Spence shows strong comeback in Q1 through improved performance in the month of June 2020

14 Aug

Aitken Spence PLC made a strong comeback in the month of June 2020 with the Group’s main sectors excluding tourism recording a growth in profits compared to June 2019, despite the adverse effects of the Covid-19 pandemic on overall economic activity. It is noteworthy that three main sectors of the Group; maritime & freight logistics, strategic investments and services collectively recorded a profit of Rs. 513 million during the quarter with the performance of these sectors improving steadily month on month.

The tourism sector of the Group both in Sri Lanka and overseas was significantly impacted due to the global pandemic and lockdown in the country during April and May 2020, resulting in the first quarter ending 30th June 2020 recording a loss of Rs. 1.5 billion compared to Rs. 216.7 million profit attributable to the shareholders in the previous year.

Resilience was seen in the Group’s diversified business portfolio and strategic direction, particularly, in integrated logistics, plantations, elevator agency, insurance and money transfer services that was commendable amidst unprecedented challenges.

The maritime & freight logistics sector performed remarkably under challenging conditions to deliver a profit-before-tax (PBT) of Rs. 459 million. Most companies within the maritime and freight logistics sector, operated continuously without a disruption during the quarter under review with increase in profits from the integrated logistics segment and airline cargo division of 58% and 71% respectively over the last year. Another outstanding sector performance was recorded by the elevator agency, insurance, money transfer segments in the services sector recording PBT of Rs. 96 million.

The strategic investments sector recorded a loss of Rs. 42.4 million for the three months ended 30th June 2020 due to foreign exchange translation losses arising from the strengthening of the rupee by nearly 2% during the quarter, although the plantations segment recorded an excellent performance with a growth in profit of more than 350% over the previous year and the power generation segment also making a noteworthy contribution to profits.   

The devasting effects of the COVID-19 and its aftermath that affected global tourism had also impacted our tourism sector’s results during the quarter resulting in a loss of Rs. 2.8 billion for the three months ended 30th June 2020.  

“Despite challenging times, we are pleased to be seen in the forefront of showcasing business resilience. I express my deep gratitude to our Chairman and Board of Directors for their guidance and strategic direction. I also wholeheartedly thank our Spensonians for their unstinted commitment and dedication especially during these turbulent times,” said Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.

“Aitken Spence is a company that has proven that our strength is in our diversity and we are confident that business will bounce back, and our efforts will continue to this end,” he added further.

Listed in the Colombo Stock Exchange since 1983 and marking its 150th year milestone in 2018, Aitken Spence is a blue-chip conglomerate with a strong regional presence in hotels, travels, maritime, freight and logistic solutions, plantations, power generation, financial outsourcing, insurance, printing, apparel and other services.

Aitken Spence Logistics opens its new Container Repair and Rigging Facility

23 May

Aitken Spence Logistics further strengthened its service portfolio by opening its new, state-of–the-art container repair and rigging facility at the Aitken Spence Inland Container Terminal located in Mabole, Wattala recently.

The new container repair and rigging facility was declared open by Mr. J M S Brito Deputy Chairman and Managing Director of Aitken Spence PLC together with Dr. Parakrama Dissanayake, Chairman of Aitken Spence Maritime and Director Aitken Spence PLC with the presence of Ms. Stasshani Jayawardena, Director of Aitken Spence PLC, Mr. Nilantha Wakwella, Managing Director of Aitken Spence Logistics and several Directors of Aitken Spence.

Dedicated to catering to the new era of container conversions and repair services – the 24×7 operated, all-weather and under shed facility boasts of high quality standards by handling heavy repairs of containers, GOH conversions and container washing. The EDI and CEDEX computerized information systems in the facility provides instant reports on container history and repair details, repair statistics, estimates as well as projections for future bookings.

“Having pioneered the concept of logistics in Sri Lanka, we will continue to provide demand chain management solutions” noted Dr. Dissanayake, at the ceremony.

Aitken Spence is Sri Lanka’s largest logistics operator with a longstanding track record of superior performance and pioneering services covering the whole gamut of logistic operations from container handling, cargo, courier and supply chain management. Its maritime services arm represents leading shipping lines and manages container terminal operations in the Africa and the Pacific.

With its future developments in mind, Aitken Spence Logistics intends to provide, high quality repairs of Reefer Containers, pre-trip inspections and monitoring.

Logistics Opening - Group Photo

Aitken Spence Logistics is a subsidiary of Aitken Spence PLC which is among Sri Lanka’s leading and most respected corporate entities with operations in South Asia, the Middle East, Africa and the Pacific. Listed in the Colombo Stock Exchange since 1983, Aitken Spence has major interests in hotels, travel, maritime services, logistics and power generation. The group also has a significant presence in plantations, printing, financial services, insurance, information technology and garments.