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| Sunday, 19 June 2005 |
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Business |
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News Business Features
Editorial
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Aitken Spence Group records Rs. 1.1 b net profit Aitken Spence has again lived up to its reputation of being a steady performer, despite the natural disaster during the financial year 2004/05. Surpassing Rs. 10 billion in revenues, a 10% growth over the previous year, the premier blue chip conglomerate stands resilient amidst hindrances. The diversified Aitken Spence generated a net profit attributable to shareholders of Rs. 1.1 billion after taking a beating from the waves of destruction, a 12% drop over last year, but still managed to record a PBT of Rs. 1.73 billion, a year on year dip of only 8%. However, the Group continues to create a positive value addition. The Group generated an EVA of Rs. 951.4 million while recording an EPS of Rs.41.32 with a PER of 9.22 compared to the diversified sector PER of 17.7 as well as a 60% dividend payment during the year under review. The company remains one of the highest generators of shareholder value with a total shareholder return of 46.5% for 2004/05. The period under review proved to be an excellent one for the Group's Cargo Logistics sector, which recorded a 17% increase in revenue and a 15% increase in profits from operations. The Group's Integrated Logistics division and Freight Forwarding division recorded 20% and 15% increases in profits from operations. The former has forged forth to place itself in the enviable position of becoming the owner of the largest fleet of fuel transportation bowsers in Sri Lanka. During the year Aitken Spence sailed into new investment in three cargo vessels through a consortium, which included Ceyline Group. One of these vessels is the largest ship owned by a Sri Lankan company, and the company has invested in two more vessels this year. The performance of the Tourism Sector declined with the devastating effects of the tsunami. Sri Lanka recorded 434,250 tourist arrivals for the nine months ended December 2004. This was a 14% increase over the same period last year. However, the
Group again outperformed the industry by recording a 26% year on year
increase in tourist arrivals for the first nine months of 2004/05, but
witnessed a 70% decline in arrivals during the last quarter as a result of
the tsunami. |
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