Aitken Spence net down 44-pct amid energy sector losses and downturn in Maldives

Aug 10, 2015 (LBO) – Sri Lanka’s Aitken Spence group, which has interests in tourism, logistics and power generation, said profits in the June 2015 quarter dropped 44 percent to 420 million rupees from a year earlier. The group reported earnings of 1.04 rupees per share for the quarter, against the 1.84 rupees recorded in the last year. Group revenues dropped 40 percent to 5.8 billion rupees during the quarter, from a year earlier. The 100 MW Ace Power Embilipitiya ceased operations in April 2015 subsequent to the conclusion of the 10-year power purchase agreement with the Ceylon Electricity Board, Aitken Spence said in a statement.
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“The corresponding results for the previous year included the profits from the full operation of the Embilipitiya power plant and insurance proceeds received for the damaged water villas at one of its resorts in the Maldives.” Net finance expenses dropped to 34 million rupees (finance expenses 198 million rupees and finance income 164 million rupees) from 98 million rupees a year earlier. The tourism sector reported 337 million rupees of profits for the quarter while recording a revenue of 3.5 billion rupees. “The hotel industry in the Maldives felt the negative effects of key source markets with arrivals from Russia falling by 40 per cent and the Korean market showing a significant drop, during the first financial quarter,” the statement said. “Aitken Spence, which has several resorts in the islands, has been adjusting to changing market conditions in the Maldives with several key source markets to Maldives facing downturns.

” Maritime and Logistics sector has showed a profit of 171 million rupees for the quarter while recording a revenue of 1.8 billion rupees. The Strategic Investments sector has reported 18 million rupees of profits for the quarter while recording a revenue of 1.4 billion rupees. “Revenue from the Strategic Investments sector without accounting for the contribution from the Embilipitiya power plant was 1.29 billion rupees while profit before tax was 86 million rupees,” “Reported figures showed revenue at 1.47 billion rupees and profits before tax at 23 million rupees.” the statement further said. Services sector of Aitken Spence has performed commendably with a profit of 55 million rupees and revenue at 277 million rupees.