ECONOMYNEXT – Sri Lanka’s Aitken Spence PLC said March 2017 quarter group net profit doubled to Rs1.2 billion from a year ago.
Sales of the group, with interest from hotels and shipping to plantations and power generation, rose 94% to Rs15.4 billion, according to interim accounts filed with the stock exchange.
Quarterly earnings per share were Rs3.03.
EPS for the financial year ended 31 March 2017 were Rs7.12 with annual profit up 43% to Rs2.9 billion on sales of Rs46 billion.
“The holding company’s revenue growth reflected across all key operational sectors including tourism, maritime and logistics, strategic investments and services,” a statement said.
“The mid to long term strategic investments made by the group in preceding years performed well in spite of challenging market conditions.”
The tourism sector recorded a growth of 32% in revenue to Rs24 billion, while the maritime and logistics, and services sectors reported revenues of Rs9.9 billion and Rs1.7 billion, indicating a growth of 20% and 43% over the year.
The group had identified tourism and maritime and logistics as key growth sectors, and “have made significant strides in the current financial year to expand the group’s footprint in these selected business domains,” Aitken Spence chairman Harry Jayawardena said.
“We have been quick to identify new investment opportunities where we can diversify to remain relevant in the present business context,” he said.
“We seek strategic partnerships with global partners that would provide a competitive edge in the markets we intend to serve.
The group invested Rs5.8 billion in acquiring property, plant and equipment with the investments expected make returns in the medium to long term.
Sales of the group, with interest from hotels and shipping to plantations and power generation, rose 94% to Rs15.4 billion, according to interim accounts filed with the stock exchange.
Quarterly earnings per share were Rs3.03.
EPS for the financial year ended 31 March 2017 were Rs7.12 with annual profit up 43% to Rs2.9 billion on sales of Rs46 billion.
“The holding company’s revenue growth reflected across all key operational sectors including tourism, maritime and logistics, strategic investments and services,” a statement said.
“The mid to long term strategic investments made by the group in preceding years performed well in spite of challenging market conditions.”
The tourism sector recorded a growth of 32% in revenue to Rs24 billion, while the maritime and logistics, and services sectors reported revenues of Rs9.9 billion and Rs1.7 billion, indicating a growth of 20% and 43% over the year.
The group had identified tourism and maritime and logistics as key growth sectors, and “have made significant strides in the current financial year to expand the group’s footprint in these selected business domains,” Aitken Spence chairman Harry Jayawardena said.
“We have been quick to identify new investment opportunities where we can diversify to remain relevant in the present business context,” he said.
“We seek strategic partnerships with global partners that would provide a competitive edge in the markets we intend to serve.
The group invested Rs5.8 billion in acquiring property, plant and equipment with the investments expected make returns in the medium to long term.
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