Aitken Spence PLC recorded a strong financial performance closing the immediate nine month period with a 9.9% year-on-year growth in profits before tax amounting to Rs. 2.9 billion, and a 17% growth in profit attributable to shareholders.
The growth is attributed to strong financial performances posted by a number of key operational sectors in the reporting period.Bringing to fruition the long term investment strategy adopted by the diversified group, many of the key industry segments operated by Aitken Spence showed positive growth trends in the nine month period that drew to a close on December 31, 2016. The top line for the same period grew by 69% to a figure of Rs. 30 billion while earnings per share rose by 17% to Rs. 4.09.
The company achieved a 28% growth in profit before tax in the third quarter amounting to Rs. 1.4 billion. Earnings per share rose by 36% in the quarterly period amounting to Rs. 2.14 per share. Profit attributed to equity holders also rose by 36% to Rs. 870 million year-on-year, for the quarter. Unfavourable market conditions in foreign markets, particularly the Maldives and India, and the high costs of finance have negatively contributed towards a challenging period for the tourism sector, despite top line growth. The addition of RIU Sri Lanka in Ahungalla, Al Falaj Hotel (Oman), Turyaa Chennai and the new wing of Turyaa Kalutara contributed to the rise in revenue.
“We have seen growth in revenue, and more significantly contributions from some of our new investments to the top line of the Group which is a healthy indicator of the performance of those investments in my view. Most of the [Group’s] key sectors have experienced positive growth in the third quarter.” Deputy Chairman and Managing Director J. M. S. Brito said
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