Sri Lankaâ€™s Aitken Spence Hotel December profit down 29-pct
ECONOMYNEXT – Sri Lanka’s Aitken Spence Hotel Holdings reported net profit fell 29% to Rs288 million in the December 2017 quarter from a year ago largely owing to losses in associate firms and higher tax expenses.
Group sales rose 4.7% to Rs4.5 billion over the period, according to interim accounts filed with the stock exchange.
Earnings per share were 85 cents for the December quarter, part of the peak tourism season. The share was last traded at Rs29.70 Monday.
December quarter tax costs rose 123% to Rs125 million from a year ago.
In the nine months to 31 December 2017, part of which is the off-season for tourism, EPS was 49 cents on net profit of Rs173 million with sales up 13.7% to Rs11.6 billion.
A segmental analysis showed that sales increased in both its resorts in Sri Lanka and abroad, classified as South Asia and the Middle East with Sri Lankan hotels returning to profit from losses the previous year while profits fell in overseas hotels.
(COLOMBO, February 12, 2018)