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Sri Lanka’s Aitken Spence March net profit doubles to Rs1.2bn

May 26, 2017 21:24 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT – Sri Lanka’s Aitken Spence PLC said March 2017 quarter group net profit doubled to 1.2 billion rupees from a year ago.

Sales of the group, with interest from hotels and shipping to plantations and power generation, rose 94 percent to 15.4 billion rupees, according to interim accounts filed with the stock exchange.

Quarterly earnings per share were 3.03 rupees.

EPS for the financial year ended 31 March 2017 was 7.12 rupees, with annual profit up 43 percent to 2.9 billion rupees on sales of 46 billion rupees.

“The holding company’s revenue growth reflected across all key operational sectors including tourism, maritime and logistics, strategic investments and services,” a statement said.

“The mid-to-long term strategic investments made by the group in preceding years performed well in spite of challenging market conditions.”

The tourism sector recorded growth of 32 percent in revenue to 24 billion rupees, while the maritime and logistics, and services sectors reported revenues of 9.9 billion rupees and 1.7 billion rupees, respectively, indicating growth of 20 percent and 43 percent, respecitvely, over the year.

The group had identified tourism and maritime and logistics as key growth sectors, and “have made significant strides in the current financial year to expand the group’s footprint in these selected business domains,” Aitken Spence chairman Harry Jayawardena said.

“We have been quick to identify new investment opportunities where we can diversify to remain relevant in the present business context,” he said. “We seek strategic partnerships with global partners that would provide a competitive edge in the markets we intend to serve."

The group invested 5.8 billion rupees in acquiring property, plant and equipment with the investments expected make returns in the medium-to-long term.
(COLOMBO, May 26, 2017)


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