Aitken Spence net down 38-pct amid fallen revenues

Nov 16, 2015 (LBO) – Sri Lanka’s Aitken Spence group, which has interests in tourism, logistics and power generation, said profits in the September 2015 quarter declined 38 percent to 361 million rupees from a year earlier.

The group reported earnings of 0.89 rupees per share for the quarter compared with 1.43 rupees per share recorded a year earlier. Group revenues dropped 28 percent to 6.
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0 billion rupees during the quarter, from a year earlier. Expenses for the consumables and raw materials dropped 84 percent to 364 million rupees while other direct and indirect operating expenses dropped 15 percent to 3.0 billion rupees. Earnings for the six months ended September was 1.92 rupees per share on total profits of 781 million rupees which was down 41 percent. Tourism sector profits for the six month period dropped 24 percent and maritime, logistics sector profits rose 41 percent against the previous year. Services sector profits rose 47 percent to 82 million rupees. Strategic investments reported a loss of 43 million rupees for the six month period against 543 million rupees of profits recorded from a year earlier. The total super gain tax applicable on the taxable income of companies which are liable to income tax in Sri Lanka is 319.

3 million rupees for the Group and 33.

8 million rupees for the Company, Aitken Spence said. The company said, the financial statements of the Group for the six months ended 30 September 2014 have been restated after identifying the investments in Aitken Spence Travels and its subsidiaries as joint ventures.