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Strong tourism gains boost Aitken Spence’s bottom line

15 Nov 2012 - {{hitsCtrl.values.hits}}

Sri Lanka’s Aitken Spence PLC said its net profit for the quarter ended September 30 (2Q13) rose to Rs.731.4 million against Rs.468 million reported in the same period of the previous quarter, largely helped by strong gains from tourism operations.

The revenue during the period rose to Rs.9.94 billion against Rs.7.5 billion, while earnings per share for the period stood at Rs.1.80 vis-a-vis Rs.1.15 in 2Q11.

The net profit for the first half of FY 2012/13 rose 53 percent yearon-year amidst revenue growing to Rs.18.5 billion against Rs.13.2 billion reported in the same period of the previous year.

“I am pleased to present yet another period of remarkable growth for Aitken Spence, where profit before tax has grown by over 50 percent for the first six months of the financial year. Our growth has been fuelled by an outstanding performance by our tourism sector,” Aitken Spence Chairman Harry Jayawardena said in a statement.

He further said that in the present global context of turbulence and uncertainty, Sri Lanka has a clear opportunity to position itself strongly as a preferred destination for high-value travellers. “Hence, we believe that a robust private sector-led destination promotion strategy that underscores the country’s unique set of diverse attractions would help Sri Lanka’s brand positioning internationally,” he noted.

A segmental analysis for the first six months of FY 2012/13 showed that tourism sector’s pre-tax profit grew to Rs.989.8 million against Rs.483.3 million recorded in 1H12. The strategic investments segment also saw increase in pre-tax profits.

However, the firm’s cargo logistics sector’s pre-tax profits during 1H13 fell to Rs.307.6 million against Rs.456 million recorded in 1H12. Meanwhile, commenting on the business environment in the country, Aitken Spence Chairman welcomed the steps undertaken and promised by the government to encourage private sector investment in the country.

“We strongly believe that given the right conditions to operate, the private sector in Sri Lanka could be the primary driver for sustained high growth in the Sri Lankan economy,” Jayawardena noted.

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Strong tourism gains boost Aitken Spence’s bottom line

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