Sri Lanka’s Aitken Spence Sept quarter net up 8-pct
Nov 06, 2017 17:06 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – Sri Lankan conglomerate Aitken Spence’s net profit in the September 2017 quarter grew 8% to Rs584 million from a year ago with the gains coming mainly from power generation with hotels in the red.
Sales grew 25% to Rs12.3 billion in the quarter, according to interim results filed with the stock exchange.
Tourism business losses narrowed while maritime and logistics sector profits were lower while profits from strategic investments, mainly thermal power generation, grew sharply.
Earnings per share were Rs1.44. EPS for the six months to September 2017 were Rs2.31 with revenue up 37.5% to Rs23.9 billion and net profit up by 18.9% to Rs939 million. The share was last traded at Rs60.
A statement said revenue from all four sectors, namely tourism, maritime and logistics, strategic investments and services increased over the six months compared to last year.
“The hotels sector occupancy levels have improved over the past year, although yields have been challenging across the markets that we operate, especially in Sri Lanka and the Maldives,” said J M S Brito, Deputy Chairman and Managing Director of Aitken Spence PLC.
Aitken Spence initiated a waste-to-energy project in August this year that would add 10 MW to the national grid in two years, in addition to providing a long-term solution to the garbage disposal problem in the Colombo Municipality, it said.
Aitken Spence Hotel Holdings PLC, a group company divested its entire holding in its fully owned subsidiary M.P.S. Hotels (Pvt) Ltd., on the 21st of September 2017 with the resultant gain reflected under other operating income.
(COLOMBO, November 06, 2017)