Sri Lanka’s Aitken Spence Sept profits down on Easter Sunday hit on tourism

ECONOMYNEXT- Net profits at diversified Sri Lankan group Aitken Spence Plc for the September quarter fell 52.1 percent to 355.2 million rupees from a year earlier, interim financials showed.

Earnings per share for the quarter was 87 cents. For the first six months of the financial year, the group posted 1.41 rupees in earnings per share. Aitken Spence’s share had closed trading at 44.90 rupees on Friday.

Group revenue for the September quarter fell marginally to 12.2 billion rupees from a year earlier. Raw material costs grew 37.5 percent to 3.3 billion rupees

Net finance expenses grew 49.3 percent to 421.5 million rupees.

Long-term interest bearing liabilities grew 47.9 percent to 43.4 billion rupees as at end September from the start of the financial year six months earlier, as the firm adopted a new accounting standard on operating leases, which were also accounted as right-of-use assets.

Short-term borrowings fell 9 percent to 3.2 billion rupees during the six months.

Revenue for the first six months of the year grew to 24.78 billion rupees from 22.98 billion rupees a year earlier while net profits fell to 571.99 million rupees from 943.36 million rupees.

Tourism segment losses for the six months grew to 1 billion rupees from 346.19 million rupees a year earlier on revenue which fell to 9.33 billion rupees from 10.99 billion rupees.

Maritime and logistics sector profits grew to 906.63 million rupees from 711.2 million rupees on revenue which grew to 4.74 billion rupees from 4.44 billion rupees.

Strategic investments which accounts for the power generation business, posted 616.99 million rupees in profits, down from 649.97 million rupees a year earlier, while revenue grew to 9.82 billion rupees from 6.45 billion rupees.

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(Colombo/ November 18/ 2019)

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