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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's Aitken Spence net down, gives profit warning

Sri Lanka's Aitken Spence net down, gives profit warning

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sriranga

sriranga
Co-Admin
Blue chip conglomerate Aitken Spence PLC has reported Rs. 3.1 billion profit before tax in the nine months of 2013 financial year, up 18% from a year earlier amidst challenging macroeconomic conditions.

Profit attributable to shareholders rose by 24% to Rs 2.1 billion.

The diversified group’s nine-month revenue rose by 30% to Rs. 27.8 billion while earnings per share increased by 24% to Rs. 5.11.

“Our satisfactory results for the nine-month period has been mainly driven by our tourism and strategic investments sectors. Our resorts in the Maldives performed exceptionally well with better occupancies. We are keen to strengthen our leisure portfolio in Sri Lanka and overseas. However, we would like to reiterate the need for a robust destination marketing strategy for Sri Lanka to overcome some of the key challenges we are presently facing in tourism and to achieve the industry’s full potential for the country,” Aitken Spence Deputy Chairman and Managing Director J.M.S. Brito said.

“Since many of our companies generate revenues in foreign currency, during the current year, we did not get the benefit of the currency depreciation compared to the previous year. This is reflected in the reduction in the other operating income during the period,” he added.

“The full operation of our 100 MW power plant in Embilipitiya, which was shut down in the first quarter of the last financial year, strengthened the performance of the strategic investments sector when compared with the previous year,” Brito said.

“Given the demanding global environment at present, we believe the company would find it challenging to match the outstanding fourth quarter performance it achieved during the previous year,” he added.

The interim financial statements of the company and its controlled entities for the nine months ended 31 December 2012 were audited by the company’s external auditors since it is the first financial year following the adoption of IFRS requirements.

The restated financial position of the company and its controlled entities as at 31 March 2011 and 31 March 2012 respectively based on Sri Lanka Accounting Standards effective from 1 January 2012 have also been audited by external auditors.

Aitken Spence is among Sri Lanka’s leading and most respected corporate entities with operations in South Asia, the Middle East and Africa. Listed on the Colombo Stock Exchange since 1983, it is an industry leader in hotels, travel, maritime services, logistics, power generation and printing. The diversified group has a significant presence in plantations, financial services, insurance, information technology and apparel.

During the last quarter under review Aitken Spence was recognised as the ‘Best Corporate Citizen 2012’ by the Ceylon Chamber of Commerce (CCC). Aitken Spence also received two sector awards for ‘Environment’ and ‘Economic Contribution and Governance,’ as well as the category award for ‘Financial Performance’.

Aitken Spence’s premier beach property in Sri Lanka, Heritance Ahungalla was presented with the Gold Award at the National Green Awards conducted by the Central Environmental Authority, during the last quarter under review. Heritance Ahungalla has successfully taken over the baton from Heritance Kandalama, which was received the same distinction during the previous year.
http://www.ft.lk/2013/02/15/aitken-spence-ups-post-tax-profit-by-18-to-rs-3-1-b/

http://sharemarket-srilanka.blogspot.co.uk/

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Feb 15, 2013 (LBO) - Profits at Sri Lanka's Aitken Spence group which has interests in hotels, shipping and power fell 9.2 percent to 701 million rupees amid currency appreciation and higher interest costs, interim accounts showed.

The group reported earnings of 1.73 rupees per share. In the nine months to December the group reported earnings of 5.11 rupees per share on profits of 2.0 billion rupees, which rose 24 percent to 2.0 billion rupees.
Net interest expenses rose to 190 million rupees from 78 million rupees a year earlier. Other operating income, which also includes foreign currency effects were a loss of 52 million rupees reversing from a profit of 52 million rupees.

Last year's profits were inflated by currency depreciation, deputy chairman J M S Brito said warning of lower profits in the next quarter.

"Given the demanding global environment at present, we believe the Company would find it challenging to match the outstanding fourth quarter performance it achieved during the previous year," he said.

Sri Lanka's rupee dived from about February 2012 from around 110 to the US dollar to around 134 and started to strengthen from the second half of 2012 and is now trading at around 126.50 to the US dollar.

Brito said Aitken Spence hotel in the Maldives performed exceptionally well with better occupancies but Sri Lanka needed a destination marketing strategy.

The full operation of a 100MW power plant which was shut down last year had helped boost performance this year, he said.

In the nine months to December pre-tax profits from the tourism sector rose to 1.8 billion rupees from 1.3 billion rupees but cargo logistics fell to 423 million rupees from 628 million rupees.

Strategic investments, which includes power rose to 794 million rupees from 546 million rupees a year earlier.
http://lbo.lk/fullstory.php?nid=2069802336

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