Aitken Spence net profit up 46%

Aitken Spence PLC reported its highest ever profit before tax of Rs. 5.5b for 2011/12.

The company posted a consolidated profit after tax of Rs. 4.7b for the year financial year ended March 31, 2012. The blue chip showed a net profit attributable to the shareholders of Rs. 3.7b, a remarkable 46.2 percent increase from last year, while revenue grew by 22 percent to Rs. 30.7b.

During the year Aitken Spence realised a gain of Rs. 655m with the strategic decision to sell the company's stake in Colombo International Container Terminals Ltd.

Aitken Spence reported an exceptional growth in earnings per share of 46.3 percent to Rs. 9.14 and announced a dividend of Rs. 1.40 per share, an increase of 40 percent over the previous year.

The Group's fourth quarter net profit attributable to shareholders surged by 92.8 percent to Rs. 1.76b while profit after tax swelled to Rs. 2.14b, a 73.5 percent increase over the corresponding period in the previous year. Net revenue for the final quarter rose by 39.1 percent to Rs. 9.65 b.

Aitken Spence Deputy Chairman and Managing Director, J M S Brito said, "The hallmarks of our success and sustainability have been our ability to harness the right business opportunities; our capacity and agility to reposition, realign and reinvent ourselves to capitalise on market realities, business acumen and instincts of our team of well-honed professionals whose bold decisions have paved the way for stable and solid results."

The Tourism sector of Aitken Spence achieved a record Rs. 2.6b profit from operations. This was an outstanding 65.3 percent improvement in performance in comparison to the previous year. Revenue from the Tourism sector grew by 13 percent to Rs. 11.3b.

The Tourism sector contributed nearly 50 percent of the Group's profit from operations in the financial year 2011/12, regaining is position as the number one contributor.

The highest contributor towards the sector's growth was the Group's resort properties in the Maldives.

The results followed a strategic revision of our operations in the Maldives, taking into account the present market realities and trends.