Aitken Spence PLC posted Rs. 1.12 billion as profits before tax in the three months ended September 30, 2017, an increase of 15.4% year-on-year. Profits attributable to equity holders of the company increased by 8% to Rs. 584 million while revenue rose by 24.5% to Rs. 12.26 billion, in the quarter from last year.
Earnings per share for the quarter was Rs. 1.44, an increase of 2.3% over the corresponding period.
Financial results released to the Colombo Stock Exchange on Monday showed revenue of Rs. 23.9 billion for the six months ended September 30, 2017, a growth of 37.5% over the corresponding period last year. Profit before tax for the six months rose by 23.8% to Rs. 1.8 billion, while profit attributable to equity holders of the company increased by 18.9% to Rs 939 million.
Revenue from all four sectors, namely Tourism, Maritime and Logistics, Strategic Investments and Services, increased over the six months, compared to last year.
“The Hotels sector occupancy levels have improved over the past year, although yields have been challenging across the markets that we operate, especially in Sri Lanka and the Maldives,” said J M S Brito, Deputy Chairman and Managing Director of Aitken Spence PLC.
Aitken Spence initiated a waste-to-energy project in August this year that would add 10 MW to the national grid in two years, in addition to providing a long-term solution to the garbage disposal problem in the Colombo Municipality.
Aitken Spence Hotel Holdings PLC, a group company divested its entire holding in its fully owned subsidiary M.P.S. Hotels (Pvt) Ltd., on September 21, 2017. The resultant gain on disposal of this investment is reflected under other operating income.
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