Tuesday, August 9, 2011

Sri Lanka Aitken Spence net up 25-pct

Aug 08, 2011 (LBO) - Sri Lanka's Aitken Spence, which has interest in leisure, logistics and power said group said net profits rose 25 percent to 550.7 million in the June 2011 quarter helped by tourism and shipping profits.

Revenues for the period fell 2 percent to 5.58 billion rupees, with a thermal power plant being closed for maintenance.

Earnings were 1.36 rupees per share.

"Reflecting our diversified interests, the quarter’s strong growth was fuelled by vigorous performances by several of our strategic business units.” Aitken Spence, deputy chairman and managing director J M S Brito said in a statement.

The group said its resorts in the Maldives performed well and revenues from port services project in South Africa also boosted the overseas shipping sector.

In Sri Lanka, the group said Aitken Spence Travels unit a joint venture with TUI Travel is the largest inbound tour operator, which also did well.

The group had re-opened a hotel in Beruwala as a premium branded 'Heritance Ayurveda Maha Gedera'. A resort in Kalutara which was closed for refurbishment expansion will be re-opened as The Sands by Aitken Spence.

source - www.lbo.lk

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