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Thursday December 2nd, 2021
Bonds & Forex

Sri Lanka’s Aitken Spence June losses down on Maldives recovery, logistics

ECONOMYNEXT- Sri Lanka’s Aitken Spence Plc, which has interests in leisure and logistics said that net losses for the June quarter fell 84 percent to 245.5 million rupees from a year earlier, as Maldives tourism recovered and logistics profits grew, the firm said.

Loss per share for the quarter was 60 cents. Aitken Spence’s share had closed trading at 66.30 rupees on Friday.

Group revenue for the June quarter grew 54.5 percent to 8.5 billion rupees. Operating profits were 72 million rupees compared to a 1.7 billion rupee loss last year.

Raw material costs fell 74.7 percent to 606.4million rupees.

The Maritime and Freight Logistics sector recorded a growth in profit before tax of 84 percent to 845 million helped by improved freight management and liner shipping segments, and overseas port management operations, the firm said.

Net finance expenses grew 11.7 percent to 692.6 million rupees.

Long-term interest bearing liabilities fell 2.2 percent to 38 billion rupees as at end June from the start of the financial year three months earlier.

Short-term borrowings jumped 40 percent to 5.8 billion rupees during the quarter.

The group’s leisure operations loss after tax fell 35.2 percent to 1.8 billion rupees in June from 2.7 billion rupees a year earlier.

Leisure sector revenue reovered to to 3.5 billion rupees from 195.5million rupees a year earlier.

“One of the main contributing factors was the overseas hotels in Maldives which were operational during the first quarter,” the firm said.

The maritime and logistics sector after tax profits rose 63 percent to 3.5 billion rupees while revenue in the segment jumped 82 percent to remained flat at 700.9 million rupees.

The group’s strategic investments, which includes its power generation arm, reported 238.9 million rupees in post-tax profits, recovering from a loss of 87.8 million rupees in the same quarter last year.

The revenue in the sector fell to 2.8 billion rupees from 3.8 billion rupees. (Colombo/Aug 16/2021)

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