Aitken Spence shows strong growth in Q1

Aitken Spence PLC reported a pre-tax profit of Rs. 734 mn for the three months ended June30, 2011, a growth of 13.5 percent, over the previous year. The diversified conglomerate's profits attributable to the shareholders grew by 25.3 percent to Rs. 551mn during the quarter. Earnings per share for first quarter ended June30, 2011 stood at Rs. 1.36, an increase of 25 percent over the corresponding period in the previous year.

The Group's Maldivian resorts that operate under the Adaaran Resorts umbrella showed strong growth from the first quarter of last year. With five award-winning resorts under its portfolio, Adaaran is the fourth largest resort operator in the Indian Ocean archipelago. With several new projects on port related services from South Africa coming online during the quarter under review, Aitken Spence's overseas maritime services arm recorded a significant growth in profits compared to the corresponding period last year.

The Company's travel arm, the largest inbound operator in the country, recorded a robust performance during the quarter under review.

Aitken Spence Travels is a joint venture with TUI Travel PLC, the world's largest integrated tourism group.