Sri Lanka’s Aitken Spence June profit down 41-pct

ECONOMYNEXT – Sri Lanka’s Aitken Spence group said net profit fell 41% to Rs211 million in the June 2018 quarter from a year ago amid mounting losses from its hotels business and lower earnings from power generation.

Sales of the group fell 8.2% to Rs10.6 billion, interim accounts filed with the stock exchange showed.
Earnings per share for the quarter were 52 cents. The stock closed at Rs47, down 20 cents or 0.4% Friday.

The accounts showed higher losses from its hotel and lower profits from power while maritime business profits were up.

A statement said the group incurred major expenses on construction of Heritance Aarah resort, in the Maldives, and the 10MW waste-to-energy power plant in north of Colombo.
(COLOMBO, 11 August, 2018)

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