Aitken Spence Hotel Holdings PLC has recently entered an agreement with the Maldivian government to lease and develop an uninhabited island named “Aarah”, Mirror Business learns.
When queried, company officials declined to comment. For the 9 months ended December 31, 2014, the company’s Maldivian resort operations saw a boost in both revenue and profits. The segment’s revenue stood at Rs.6.81 billion, up from Rs.6.71 billion.
The pre-tax profit of the segment improved to Rs.1.49 billion from Rs.1.35 billion. Aitken Spence manages 5 resort hotels in Maldives.
The pre-tax profits originating from hotels managed by Aitken Spence in Oman and India fell to Rs.320.7 million from Rs.390 million.The company manages 5 properties in Oman and two in India. Also, the company bought a 5-star hotel in Chennai in a US $ 25 million deal last year.