Ceylon FT: Diversified Aitken Spence PLC reported a net profit of Rs 2.9 billion for the nine months ended December 2013, up 10% from a year ago, interim financial results showed.
Profits before tax rose 10% to Rs 3.5 billion and earnings per share increased 11.2% to Rs 5.68. Revenue rose 10.8% to Rs 24.8 billion and falling costs saw profits from operations to Rs 3.75 billion, up from Rs 3.43 billion a year ago.
"The company recorded strong growth from its resorts and inbound travel business in Sri Lanka. Aitken Spence operates a wide portfolio of hotels and resorts in Sri Lanka, Maldives, India and Oman. Its travel arm, the largest in Sri Lanka, is a joint venture with TUI Travel," the company said in a statement announcing its interim results.
During the period, Aitken Spence Hotel Holdings PLC., a subsidiary company, entered into a shareholders' agreement with RIU Hotels of Spain to build a 500-room luxury resort in Ahungalla, costing approximately USD 100m.
Cargo logistics sector, which includes its international maritime services arm, recorded Rs 545 million as profits-before-tax, an increase of 29% from a year ago, while revenue grew 16.8% to Rs 5.1 billion. Aitken Spence has port management services in Africa and the Pacific.
During the period under review Aitken Spence acquired 51% shares in Ports Terminal Limited., through a public-private partnership and took over the managerial and operational responsibilities at the Fiji Ports Corporation.
Strategic investments sector showed a 38% decline in profits-before-tax to Rs 489 million and a 34% decline in revenue to Rs 9 billion.
"Whilst the printing and garments businesses performed well, the power business has shrunk as its plants in Horana and Matara were not operational, following the cessation of the power purchase agreement entered into with the Ceylon Electricity Board," the company said.
The blue-chip's financial results for the three months ended 31st December 2013 saw profit-before-tax increase by 47% to Rs. 1.58 billion and profit-after-tax increased by 53% to Rs.1.38 billion, while profit attributable to shareholders rose by 54% to Rs 1.1 billion.
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Profits before tax rose 10% to Rs 3.5 billion and earnings per share increased 11.2% to Rs 5.68. Revenue rose 10.8% to Rs 24.8 billion and falling costs saw profits from operations to Rs 3.75 billion, up from Rs 3.43 billion a year ago.
Profit before tax from the tourism sector rose 26.2% to Rs 2.3 billion while revenue rose by 10% to Rs 10.3 billion, for the nine-month period.
"The company recorded strong growth from its resorts and inbound travel business in Sri Lanka. Aitken Spence operates a wide portfolio of hotels and resorts in Sri Lanka, Maldives, India and Oman. Its travel arm, the largest in Sri Lanka, is a joint venture with TUI Travel," the company said in a statement announcing its interim results.
During the period, Aitken Spence Hotel Holdings PLC., a subsidiary company, entered into a shareholders' agreement with RIU Hotels of Spain to build a 500-room luxury resort in Ahungalla, costing approximately USD 100m.
Cargo logistics sector, which includes its international maritime services arm, recorded Rs 545 million as profits-before-tax, an increase of 29% from a year ago, while revenue grew 16.8% to Rs 5.1 billion. Aitken Spence has port management services in Africa and the Pacific.
During the period under review Aitken Spence acquired 51% shares in Ports Terminal Limited., through a public-private partnership and took over the managerial and operational responsibilities at the Fiji Ports Corporation.
Strategic investments sector showed a 38% decline in profits-before-tax to Rs 489 million and a 34% decline in revenue to Rs 9 billion.
"Whilst the printing and garments businesses performed well, the power business has shrunk as its plants in Horana and Matara were not operational, following the cessation of the power purchase agreement entered into with the Ceylon Electricity Board," the company said.
Subsequent to the balance sheet date, the 24 MW thermal power plant owned by Ace Power Generation Horana (Pvt) Ltd., was disposed.
The group's services sector saw profits-before-tax grow 18.5% to Rs 154 million and revenue rising by 19% to Rs 458 million. The services sector includes financial services, insurance, elevator agency and technology businesses.
The group's services sector saw profits-before-tax grow 18.5% to Rs 154 million and revenue rising by 19% to Rs 458 million. The services sector includes financial services, insurance, elevator agency and technology businesses.
The blue-chip's financial results for the three months ended 31st December 2013 saw profit-before-tax increase by 47% to Rs. 1.58 billion and profit-after-tax increased by 53% to Rs.1.38 billion, while profit attributable to shareholders rose by 54% to Rs 1.1 billion.
www.ceylontoday.lk
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