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Two Aitken Spence companies rank in the top 10 Most Awarded by LMD

20 Jan

Aitken Spence PLC and the Aitken Spence Hotel Holdings PLC emerge in the top 10 Most Awarded by LMD. Aitken Spence is the only Group that has two companies in the top 10 ranking. This is an inaugural edition of the Most Awarded ranks the nation’s most revered corporations. Aitken Spence (19 awards) and Aitken Spence Hotel Holdings (18) round off the top 10 in the Most Awarded listing for 2019/20. The total number of awards describe the cumulative awards won between January 2019 and September 2020.

These are outstanding achievements both at home and abroad, bringing immense pride to the business community and nation as a whole. Aitken Spence PLC and Aitken Spence Hotel Holdings PLC are honoured to be in the top 10 among the 125 of the organisations that make up the complete rankings.

Commenting on this honour, Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director Aitken Spence PLC said, “Our efforts are not targeted towards solely winning awards. However, winning an award sharpens our focus and gives us valuable external perspectives. It is one means of monitoring, measurement and compels innovation. In all award platforms, we have consistently shared our performance, and we have used their feedback to improve our processes.”

“It brings us together to celebrate the efforts of our hard-working teams and is a powerful validation of the work they have done. It is also a reflection of how we are perceived,” he further commented.

With an indisputable repute as one of Sri Lanka’s pioneering corporates, Aitken Spence is a blue-chip conglomerate anchored to a heritage of excellence spanning over 150 years. Listed in the Colombo Stock Exchange since 1983, Aitken Spence is a responsible enterprise driven by over 13,000 employees across 9 countries, in hotels, travels, maritime, freight and logistics solutions, plantations, power generation, insurance, printing, apparel and other services. Creating opportunities for Sri Lanka across new frontiers, Aitken Spence PLC is an organisation committed to the development of Sri Lanka.

Aitken Spence achieves 33% growth in 2Q PBT from non-tourism sectors

16 Nov

The leading blue-chip conglomerate, Aitken Spence PLC non-tourism sectors reported a Profit-Before-Tax (PBT) of Rs 1.13 Bn in 2Q, a growth of 33% compared to the previous year in the midst of challenging economic conditions. These sectors also reported an EBITDA (Earnings Before Interest Expense, Tax, Depreciation and Amortisation) of Rs 1.59 Bn prior to the impact of forex compared to 2Q of previous year.

The Group’s non-tourism sectors continued their positive performance since commencement of full operations after the lockdown in May 2020. The non-tourism sectors include companies in the plantations, renewable energy, maritime & freight logistics, apparel, insurance, elevator agency, printing & packaging, money transfer and maritime education & management segments.

The Group’s new iconic venture, Sri Lanka’s first waste-to-energy project with an investment of Rs. 13 Bnwill commence operations by the end of the year, overcoming all setbacks experienced due to the Covid-19 pandemic. This project will provide a sustainable solution to the Colombo city’s waste management problem whilst adding renewable energy to the country’s energy profile.

The Group’s plantation segment recorded an excellent performance during the quarter with a profit growth of over 140%. The maritime & freight logistics sector also performed remarkably to record a 17% increase in profits for the period. The apparel manufacturing segment delivered a six-fold growth in profits whilst the printing & packaging segment recorded a turnaround during the quarter. Further outstanding performances were seen from the insurance, elevator agency, and money transfer segments in the services sector that recorded a profit growth of 35%.

The Group’s tourism sector EBITDA for 2Q was a loss of Rs. 940 Mn since it was largely affected by curtailments in international travel that impacted the Group’s destination management, hotels and airline GSA. However, these companies commenced operations post-lockdown by serving the local customers and introduced new and exciting experiences to serve this clientele. By offering customised excursions with unique experiences to the local market, the destination management segment of the Group handled nearly 9,000 local clients during the quarter.

With the easing of the lock down restrictions, Aitken Spence Hotels in Sri Lanka commenced operations in the second quarter catering to the local clientele. All hotel properties were highly patronised and recorded satisfactory occupancy levels throughout the quarter. Due to the second wave of Covid-19 in October, operations have once again been curtailed; however, it is hoped that a new-normality will prevail with the implementation of all required health protocols.

Most of the hotels and resorts representing the Heritance and Adaaran brands in the Maldives commenced operations and are seeing an upward trend in the bookings. Maldives as a destination has attracted over 40,000 tourist arrivals since the opening of the country to international traffic post Covid-19 lockdown. Turyaa Chennai and Al Falaj Oman, remains operational throughout the period recording moderate occupancy levels and food and beverage revenue through the domestic traffic secured by these hotels.

Aitken Spence Group recorded an EBITDA of nearly Rs. 600 Mn for both tourism and non-tourism sectors for the quarter. The Group recorded a loss from operations of Rs. 0.8 Bn for the second quarter compared to the profit from operations of Rs. 1.1 Bn recorded in the same quarter of the previous year. The Profit-Before-Tax (PBT) for the second quarter was a loss of Rs. 1.3 Bn compared to a profit of Rs. 0.7 Bn in the previous year.

“We remain hopeful for a faster recovery in the Group than achieved during the second quarter. The wider Group of companies in the plantations, renewable energy, maritime & freight logistics, apparel, insurance, elevator agency, printing & packaging, money transfer and maritime education & management performed exceptionally well which was beyond our expectations. This is reassuring as it shows strong resilience despite the setback in the tourism industry,” said Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.  

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 across 9 countries, in hotels, travels, maritime, freight and logistics solutions, plantations, power generation, insurance, printing, apparel and other services.

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 ranks in the Top 3 Best Conglomerate Brands 2020

17 Jun

Aitken Spence was ranked among the top three best conglomerate brands 2020 compiled in a special edition by LMD. In the last rankings, Aitken Spence was ranked among the top 10 conglomerates and moved up six positions in 2020. The 17th annual review of Sri Lanka’s most valuable brands is produced through an in-depth analysis conducted by Brand Finance Lanka, a pioneering brand valuation and strategy firm.

The organisation was rated based on the following attributes; corporate vision, reputation or image, degree of innovation and quality consciousness. Aitken Spence achieved a competitive score of 82.58 from 100.

During the financial year 2019-2020, Aitken Spence reached several milestones. Most notable is the company’s investment in Sri Lanka’s first waste to energy project; The plant is 88% complete and is expected to commence operations during 2020-2021, solving two national crises with one effective solution. Aitken Spence also introduced LEED certified architecture to Maldives with the launch of Heritance Aarah which is the first property in the Maldives to receive the Leadership in Energy and Environmental Design (LEED) Gold status.

Elpitiya Plantations PLC signed a memorandum of understanding (MoU) with Sim Leisure Group Ltd, a leading theme park developer and operator based in Penang, Malaysia, to set up a world-class theme park in the Galle district.

“We have been at the forefront of pioneering sustainable investments in the country; using our expertise, investment capacity, access to technology and strong partnerships to be a catalyst for socio-economic progress. Moreover, having interwoven sustainability into our strategy for over a decade, we have made a mark of raising the bar for the country’s corporate sector. Continuing ongoing work and initiating new efforts, we invested Rs. 70 million towards sustainability processes and action plans in the financial year.

We are the winner of the Best Corporate Citizen Sustainability Award for three successive years, while being the only company in Sri Lanka to be ranked among the Top 10 Best Corporate Citizens for an unprecedented 14 consecutive years. Aitken Spence PLC has consistently ranked among the Top 10 Most Respected Entities in Sri Lanka by LMD. These recognitions reflect our commitment and efforts to sustain the triple bottom line with emphasis on the fourth P which is processes. We are committed to contribute positively towards the sustainable development of Sri Lanka,” commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.

Aitken Spence records profit of Rs. 4.2 billion in 2019-2020 amidst unprecedented challenges

26 May

The year under review experienced two black swan events with their distinctive and severe impacts within the space of one year. Aitken Spence PLC remained resilient despite these challenges due to the Group’s diversified business portfolio and strategic direction.

The Group’s financial performance for the twelve months ending 31st March 2020 recorded a year-on-year profit-before-tax of Rs. 4.2 billion compared Rs. 7.3 billion last year.

Despite considerable economic headwinds the organisation’s agile strategy was reflected in the earnings from the overseas businesses that contributed 39% compared to 43% last year. This underlined the exceptional relationships that have been built with global industry players across the key sectors. The Group’s businesses from the domestic market derived 61% earnings of the Group’s PBT for 2019/2020 compared to 57% in the previous year.

The total revenue of the Group ending 31st March 2020 was Rs. 53.5 billion, a 4% drop from the previous year, primarily due to a reduction of revenue from the Tourism sector which was affected by the significant impacts mentioned above. However, the drop was compensated by the commencement of the operations during the third quarter of the year of Heritance Aarah, the flagship hotel in the Maldives.

The total assets of the Group increased by 14% to Rs. 140 billion. The Group invested Rs. 10 billion in capital expenditure across many sectors with the highest investment incurred in the power generation segment to fund the construction of the pioneering waste to energy power project, the first of its kind in Sri Lanka. This reflects the organisation’s confidence in its future earnings growth capacity.

The Group’s expansion increased to 9 countries as the Maritime & Freight Logistics sector re-established its presence in South Africa whilst the Tourism sector commenced operations in Myanmar during the year.

The launch of Heritance Aarah was a key milestone in the Tourism portfolio as it was the first time that the Heritance brand was launched overseas. Heritance Aarah is the first LEED certified building in the Maldives reflecting their commitment to sustainable and energy efficient design. Heritance Aarah has also set the bar for culinary excellence in this popular tourist destination emerging victorious in the World Culinary Olympics in Germany, having also won the Maldivian and Sri Lankan competitions during the year.

The Tourism sector recorded a loss before tax of Rs. 15.3 million compared to a profit of Rs. 3.1 billion last year. This sector was hardest hit by the Easter terror attacks at the beginning of the year with dramatic declines in tourist arrivals in the following months. Overall, performance of the overseas Tourism sector was dampened by the increased depreciation and interest costs related to Heritance Aarah which is inevitable due to the capital intensive and long-term nature of the industry.

Heritance Kandalama and Heritance Tea Factory made profits despite the setbacks. This was owing to the differentiated marketing strategy that helped to mitigate losses, carving out a niche that could be finetuned to enhance yields over time. Aitken Spence Travels handled around 14% of organised tourist arrivals to country underlying its position as the market leader and providing a healthy contribution to the Group and the country, to accelerate and strengthen the recovery of this key economic sector. Additionally, Airline General Sales Agency business added another regional passenger carrier to its portfolio which is expected to commence operations in the new financial year.

The Maritime & Freight Logistics sector contributed an outstanding profit before tax of Rs. 2.25 billion which was once again the largest contributor accounting for 54% of the Group profits. The resumption of operations in South Africa, completed a short-term assignment which supported the performance of the sector.

The Sri Lankan operations of the Maritime & Freight Logistics sector also recorded an increase in operating profits despite a significant decline in trade volumes due to global trade tensions and import restrictions. Integrated logistics performed very well by securing new multinational clients through service excellence.

The Strategic Investments sector recorded PBT of Rs. 1.7 billion compared to Rs. 1.8 billion last year. Steady progress has been made in the country’s first waste to energy power plant although the final commissioning is likely to be delayed given the challenges with the current situation. Apparel had improved efficiencies and had a good year but witnessed a drawback due to the impact of COVID-19 at the end of the financial year. The printing and packaging segment continued to differentiate itself in the market leveraging its sustainable printing agenda but was adversely impacted due to higher costs of paper leading to narrower margins and the cessation of operations in the latter part of March following the lockdown imposed in the country.

The Group’s investment in the printing & packaging segment in the South Pacific region is nearing completion and is expected to commence full scale operations soon. This strategic investment will support the printing and packaging segment’s aspirations to expand services in the South Pacific region using its expertise in sustainable printing to differentiate their value proposition.

Performance of the plantations segment was commendable despite the lower prices of tea experienced throughout the financial year due to its business diversification strategy. Escape Theme Parks signed an agreement to develop a park in Devithurai estate making Elpitiya Plantations the first Regional Plantation Company to embark on a non-agri diversification project of this scale.

The Services sector performance was commendable recording PBT of Rs. 298 million compared to Rs. 269 million last year. The insurance segment performed remarkably well and no major impact from COVID-19 is expected for this segment. The elevators segment secured a large number of contracts but may experience delays in installations as the market may be impacted due to the COVID-19 related economic downturn. Despite work remittances to the country declining during the financial year, the Money transfer segment of the Group performed well due to operational efficiencies.

“As we emerge from the great lockdown of our time to a world that has changed significantly, it is crucial that we are prepared for a paradigm shift within the Group to seize new opportunities by responding to changing demand dynamics. Plans are taking shape to ‘Realign, Reinvent and Relaunch’ our businesses to be even more relevant to society’s changing needs to deliver sustainable growth in earnings to our shareholders, upholding the Spensonian legacy of adapting to thrive,” stated Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.

Aitken Spence PLC won the Best Corporate Citizen Sustainability Award 2019 for the third successive year and has been ranked among the Top 10 Best Corporate Citizens of Sri Lanka for an unprecedented 14 consecutive years.

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 9-Month Net Profit Grows by 17%

14 Feb



Aitken Spence PLC recorded a strong financial performance closing the immediate 9-month period with a 9.9% year-on-year growth in profits before tax amounting to Rs. 2.9 billion, and a 17% growth in profit attributable to shareholders. The growth is attributed to  strong financial performances posted by a number of key operational sectors in the reporting period.

Bringing to fruition the long term investment strategy adopted by the diversified group, many of the key industry segments operated by Aitken Spence showed positive growth trends in the 9-month period that drew to a close on the 31st of December 2016. The top line for the same period grew by 69% to a figure of Rs. 30 billion while earnings per share rose by 17% to Rs. 4.09.

The company achieved a 28% growth in profit before tax in the third quarter amounting to Rs. 1.4 billion. Earnings per share rose by 36% in the quarterly period amounting to Rs. 2.14 per share. Profit attributed to equity holders also rose by 36% to Rs. 870 million year-on-year, for the quarter.

Listed in the Colombo Stock Exchange since 1983, Aitken Spence is a blue chip conglomerate with a strong regional presence in the Hotels, Travels, Maritime Services, Logistics, Plantations, Power Generation, Printing, Insurance, IT, Outsourcing and Apparel.

Maritime and Logistics, Services and Strategic Investments sectors all showed positive growth figures contributing to the bottom line gain experienced during the reporting period. Growth in the Strategic Investments sector was driven by power generation, plantations and printing segments while the elevator agency segment helped the Services sector performance. Maritime & Logistics sector benefited from growth in the port management services and education segments and the addition of a new freight forwarding representation.

Unfavourable market conditions in foreign markets, particularly the Maldives and India, and the high costs of finance have negatively contributed towards a challenging period for the tourism sector, despite top line growth. The addition of RIU Sri Lanka in Ahungalla, Al Falaj Hotel (Oman), Turyaa Chennai and the new wing of Turyaa Kalutara contributed to the rise in revenue.

“We have seen growth in revenue, and more significantly contributions from some of our new investments to the top line of the Group which is a healthy indicator of the performance of those investments in my view. Most of the [Group’s] key sectors have experienced positive growth in the third quarter. We are also confident that the tourism sector will rebound across the various geographical markets and that the new investments we made will continue to pay off in the coming years”, commented Deputy Chairman and Managing Director of Aitken Spence PLC, J M S Brito.

Aitken Spence Records Rs. 1.1bn as PBT in Third Quarter

13 Feb

Aitkenspence head office

Leading conglomerate Aitken Spence PLC posted its interim results to the Colombo Stock Exchange (CSE) released on Friday. The blue-chip’s financial results for the quarter ended 31st December 2015 saw profit-before-tax decrease by 25.3 per cent to Rs. 1.1 bn while profit attributable to equity holders decreased by 26.7 per cent to Rs. 637 mn. Revenue for the quarter fell by 14.6 per cent to Rs. 6.7 bn.

The diversified group’s nine-month results showed profit-before-tax decreasing by 28.3 per cent to Rs. 2.6bn and profit attributable to shareholders falling by 35.4 per cent to Rs. 1.4 bn, while revenue dropped by 28.2 per cent to Rs. 18.6 bn.

The revenue loss from the cessation of the power purchase agreement of Ace Power Embilipitiya in April 2015 had a significant effect on the results. Other Operating Income for the 9 months to 31st December 2014 included insurance income of Rs 351m for the fire damage at a resort in Maldvies during 2013/14.

“Diminished returns from the Maldives due to external factors and consolidation of hotel investments in Sri Lanka, negatively affected the returns from the tourism sector”, said J M S Brito, Deputy Chairman and Managing Director of Aitken Spence PLC.

The Group’s Hotels arm recently completed a 100-room extension to its beach property in Kalutara, which is now a 200-room upgraded resort. In addition, the company is currently overseeing two large hotel projects in Negombo and Ahungalla.

Aitken Spence operates a wide portfolio of hotels and resorts in Sri Lanka, Maldives, India and Oman. Its travel arm, the largest in Sri Lanka, is a joint venture with TUI Travel. It also acts as GSA for major airlines in Sri Lanka and the Maldives.

“We are pleased to report increase in profits from companies in the port management, ship agency and airline sub sectors contributed towards the profits of the Maritime & Logistics Sector.” Mr. Brito added.

Aitken Spence is Sri Lanka’s largest integrated logistics services provider and has port management services in Africa and the South Pacific.

Depreciation of the Rupee has adversely affected company due to foreign currency loans obtained for overseas investments.

The company was also significantly affected by the substantial Super Gain Tax paid during the quarter ended 31st December 2015, as per the provisions of part III of the Finance Act No. 10 of 2015.

Subsequent to the balance sheet date, Aitken Spence PLC after obtaining all relevant approvals purchased a 20% shareholding in Fiji Ports Corporation Limited. The company which was previously wholly owned by the Government of the Republic of Fiji owns and manages all ports in Fiji.

Aitken Spence Hotels International (Pvt) Ltd., a subsidiary company, entered into an agreement to acquire Al Falaj Hotel in Oman from Oman Hotel and Tourism Co., subject to obtaining all relevant approvals. Al Falaj Hotel has been under management of Aitken Spence since 2008.

Diversification Delivers for Elpitiya Plantations

11 Jul

Aitken Spence-managed Elpitiya Plantations PLC recorded a profit-after-tax of Rs. 480 mn     for the financial year ended 31st March, 2014.  Elpitiya’s exceptional earnings were mainly driven by an excellent performance in oil palm and return on strategic investments made by the company into joint venture projects.

“Profit was commendable as revenue on tea &rubber had declined by around 8 per cent YOY,   following the erratic weather conditions and the poor prices released for natural rubber. Increase in cost of production following revision of the workers’ wages by 20 per cent had a significant impact on the Comp any’s profitability. Our strong results  are  due to the team work by our employees”, said Dr. Rohan M Fernando Managing Director of Elpitiya Plantations PLC and Director of Aitken Spence PLC.

The company’s net assets had increased to Rs.  2.9 bn from Rs. 173 mn at the time of taking over of the estates in 1997. Since taking over, the company has invested over Rs. 3.8 bn  on tea and rubber replanting, factory development, diversification into oil palm & commercial forestry and other capital enhancements.

“New Peacock and Nayapane estates have achieved all-time record yields of 2,855 kg per hectare and 1,979 kg per hectare respectively in tea.   This was made possible due to the good agricultural practices followed on the estates, with special emphasis on fertilizer inputs and upgrading factory machinery. We thank the government for the subsidy given to the industry which has helped us maintain fertilizer levels” said Mr. Tony Goonewardena, Executive Director of Elpitiya Plantations PLC.

Commenting further, Mr. Goonewardena stated that the company’s strategic investments into re-forestation (commercial forestry) and hydro power projects brought in significant income during the financial year under review.   The   joint venture project with Dianhong  International Limited,  to produce  Chinese specialty  black tea and  green tea at the company’s  newly  developed Harrow Tea Factory in Pundaluoya  also contributed substantially to the company’s  profit  along with the income  derived from the palm oil processing factory, which is jointly owned by Elpitiya Plantations PLC  with two other regional plantation companies.

The CEO and Director of Elpitiya Plantations PLC - Mr.Goonewardena

Elpitiya Plantations PLC CEO Bhathiya Bulumulla.

“Company’s strategic diversification programme into large scale palm oil cultivation in the low country region has paid dividends by contributing considerably into the company’s profitability.   Deviturai Estate recorded the highest ever yield of 16,281 kg per hectare on oil palm and Talgaswella Estate, a major tea & oil palm plantation in the low country, has made exceptional returns.” said Mr. Bhathiya Bulumulla, the Chief Executive Officer of Elpitiya Plantations PLC.

The Company also has commenced aneco-tourism project in the low country and planning to extend the same concept on Dunsinane, Sheen and Fernlands estates in the upcountry region in the current year.

Elpitiya Plantations PLC adopts the stringent food safety standards in the production of tea.  Dunsinane, New Peacock, Nayapane  tea factories  in the up country region  and Talgaswella and Deviturai Tea Factories in the Low Country  regions   have been certified for ISO 22000:HACCP  for  Food Safety  Management Standards and  all  the  tea factories  have been certified  for  Ethical Tea Partnership and Forestry Stewardship Council (FSC) Certification  for best  practices on   health & safety and  environment Management. The Company is currently working towards obtaining rain forest alliance certification to all   its up country tea estates.

Elpitiya Plantations PLC is committed towards improving the living conditions of the worker population on the plantations.   Projects include construction of new housing units, water and sanitation, for more than 50 housing unit for several estates.Further, plans are underway to construct 510 housing units on Dunsinane & Meddecombra Estates with the assistance of the Indian Government during the years 2014-2016.

As a pilot project, bank accounts were opened for all employees of Talgaswella Estate while the company also has facilitated to provide scholarship grants to 21 children of the estate workers, who excelled in their studies to pursue their higher education at the universities. Elpitiya Plantations  has also pioneered to construct an  elders home on Meddecombra Estate, the first of its kind in the Plantation Sector,  to accommodate and look into the well  being  of 40  retired workers , in collaboration with the French  Donor ‘Foundation Adam Pierre’ at a cost of  over Rs.  25 mn.

The company is continuously exploring sustainable avenues for marketing its produce abroad, especially tea and rubber, in North and Southeast Asia.

Aitken Spence Hotels Bags Gold Once Again at the CA Annual Report Awards

19 Dec

CA Acceptance Image CA 2013 Group ImageSri Lanka’s leading resort operator, Aitken Spence Hotels walked away with the Gold Award in the Hospitality Sector category at the recently concluded Institute of Chartered Accountants Annual Report Awards. The much anticipated event with its forty nine year old history was held recently under the distinguished patronage of Speaker of Parliament, Hon. Chamal Rajapaksa as Chief Guest.

The annual competition formulated to encourage transparency and accountability in financial reporting in the corporate sector recorded the highest number of registrations this year with a total of 126 entries vying for the coveted awards. This year’s competition revolved around the inspiring theme ‘One Destination – Towards Integrated Reporting’. The Institute of Chartered Accountants Annual Report Awards has been the focal point in inculcating financial reporting discipline in the corporate sector.

“We recognize that transparency and good governance play an extremely vital role and it is encouraging to note that due to global trends most companies are working to ensure that these vital areas are addressed. This win highlights the importance Aitken Spence Hotels gives to sustainability, transparency and accountability and provides a clear indication that the company’s ongoing commitment to report on its economic, social and environmental impacts” said Mr. Malin Hapugoda, Managing Director, Aitken Spence Hotels.

Aitken Spence Hotels manages a portfolio of hotels and resorts in Sri Lanka, Maldives, India and Oman. The company’s expertise in hotel design, building and management is complimented by its dedication and commitment to excellence. Located in some of the key tourist locations, each of the properties cater to a diverse clientele.


Mr. C. R. De Silva P. C.

8 Nov