Against an extremely challenging macro-economic environment, the leading conglomerate Aitken Spence PLC’s Group gross revenue grew by 8.2% to Rs. 28.6 billion for the period ending 30th September 30.
Main growth in revenue were from the strategic investments and the maritime & logistics sectors. The integrated logistics segment performed exceptionally well recording a 30% year on year growth in revenue. This momentum is expected to continue for the rest of the year. The ship agency and maritime operations segments also recorded growth in revenue. The printing and apparel manufacture segments also recorded double digit growth in revenue compared to last year.
The Group recorded an overall profit from operations of Rs. 1.9 billion for the six months ended 30th September from Rs. 2.2 billion recorded the previous year. This was a result of the downturn experienced mainly by the tourism industry, post Easter Sunday. Despite the decline faced by the tourism sector, the Group showcased its resilience and its diversity of investments, to record an overall profit-before-tax (PBT) of Rs 1.2 billion for the six months ended 30th September. The Group PBT for the comparative period in the previous year was Rs. 1.7 billion.
The Group recorded a gross revenue of Rs. 14.2 billion for the second quarter whilst its profit from operations for the quarter was Rs. 1.1 billion compared to the profit from operations of Rs. 1.4 billion recorded the previous year.
Approximately 56% of the Group’s PBT for cumulative September ‘19 was generated through its investments overseas. The main contributor towards the PBT was the maritime & logistics sector which recorded a 24.5% growth over the previous year.
The strategic investments sector contributed Rs. 677 million towards the PBT compared to Rs. 727 million in the previous year. Despite a healthy performance by the Maldivian hotels, the drag in the local tourism industry resulted in the tourism sector reporting a loss for the period. However, the Group’s iconic properties Heritance Kandalama and Heritance Tea Factory recorded positive performances despite the decline in arrivals to the country.
Aitken Spence Hotels also received 14 awards at the South Asian Travel Awards 2019 and recently walked away with the championship trophy and an impressive 130 medals at the Culinary Art Food Expo 2019.
The Group’s destination management segment was able to maintain its market share of the arrivals to the country.
The destination management segment’s Myanmar operations has obtained all licenses and has recently commenced commercial operations.
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