Group revenue and profit up at Aitken Spence

Revenues and post-tax profits have risen at Aitken Spence PLC, among the largest Sri Lankan conglomerates, according to the quarter ending June 2017 accounts released to the public.

It shows that net group revenue rose to Rs.11.5 billion against Rs.7.4 billion in June 2016 while net company revenue was reported at Rs. 218 .2 million vs Rs. 200 million.

Pre-tax profit was reported at Rs. 678 million vs Rs. 481.6 million (group level) and Rs. 55.46 million vs Rs.271.29 million (a drop at company level), the accounts show.

Post-tax profit at group level was up at Rs. 487 million vs Rs. 323 million while post-tax profit at company level fell to Rs. 63.4 million from Rs. 285 million (earlier).

Meanwhile a media release issued by the company said the earnings per share for the quarter grew to Rs. 0.87, an increase of 42 per cent over the corresponding period in the previous year.

“We are pleased to record an improved first quarter performance year- on-year on the strength of our diversified portfolio. Our maritime and logistics, strategic investments and ser- vices sectors contributed well to the performance of the Group. In the tourism sector, the travels segment did well, while the hotels segment showed mixed results. The Maldives hotels improved on the last year’s performance in the first quarter, and we expect the growth momentum to continue. Our hotels in Sri Lanka had a challenging year despite strong performances from our flagship properties, Heritance Kandalama and Heritance Tea Factory,” said Rajan Brito, Deputy Chairman and Managing Director of Aitken Spence PLC, according to the statement.