Aitken Spence Hotels returns to profits in Dec

ECONOMYNEXT- Sri Lanka’s Aitken Spence Hotel Holdings Plc posted 58 million rupees in profits for the December quarter, down 82.8 percent from a year earlier on lingering effects of the Easter Sunday terror attacks, interim financials showed.

Aitken Spence Hotel Holdings (AHUN) posted 16 cents in earnings per share, ending the loss making streak of the two previous quarters. The AHUN share closed trading 70 cents up at 24.40 rupees on Monday.

For the nine months ended December, the firm earned 2.34 rupees a share on net losses of 776.1 million rupees, up ten-fold from a year earlier on losses from Sri Lankan hotels and falling profits of Maldives and Oman-based properties.

In the three months ending in December 2019, AHUN made 5.9 billion rupees in net revenue, up 20.4 percent from 2018.

Operating profits were up 4.4 percent to 832.8 million rupees. Finance costs grew 154.9 percent to 605.68 million rupees.

Long-term borrowings grew to 33.2 billion rupees at end-December from 23.4 billion rupees at the start of the financial year nine months earlier due to operating leases being recognized in the balance sheet as borrowings. (Colombo/Feb10/2020)