Interim Financial Statements 31-03-2013 - Spence

Gaja · 1 Interim Financial Statements 31-03-2013 - Spence Thu May 30, 2013 6:43 pm

Gaja

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http://www.cse.lk/cmt/upload_report_file/501_1369911274812.pdf

salt · 2 Re: Interim Financial Statements 31-03-2013 - Spence Thu May 30, 2013 7:42 pm

salt

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Profits massively down in this quarter
some people attacked me when I say this way before
Their strategic investments mature - power plants
Cargo is down
This company need fresh leadership
Only plus point, HarryJ had his stake up

sriranga · 3 Sri Lanka's Aitken Spence group net down 34-pct Thu May 30, 2013 9:25 pm

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May 30, 2013 (LBO) - Sri Lanka's Aitken Spence group which has interests in hotels, logistics and power has reported group profits of 1.19 billion rupees in the March 2013 quarter in the absence of one-off gains seen last year.

In the first quarter of last year the Aitken Spence made a 630 million rupee capital gain when it exited a container terminal joint venture with a Chinese state firm.

The firm posted earnings of 2.94 rupees for the March quarter. In the year to March profits fell 6 percent to 3.2 billion rupees. The stock closed at 135.00 rupees, down 20 cents Thursday.

Group revenues fell 3 percent to 9.3 billion rupees, profit from operations fell to 2.0 billion rupees from 2.6 billion, while finance expenses rose from 143 million rupees to 247 million rupees.

In the year to March, pre-tax profits from tourism rose to 3.44 billion rupees from 2.62 billion rupees. Cargo logistics brought profits of 556 million rupees down from 839 million rupees and the services sector 162 million rupees barely changed from 162 million.

Strategic investments brought 1.76 billion rupees in profits up from 837 million rupees a year earlier.

Chairman Harry Jayawardena said Aitken Spence had had "a year of mixed fortunes with challenges and pressures that have tested our strength and our ability to adapt" but there were opportunities ahead.

"As the Company continues to grow and invest through internally generated funds and debt, we have been able to maintain healthy levels of debt and equity, whilst utilising debt capital at optimal levels," he said in a statement.

Jayawardena said the firm had not made a cash call on shareholders for 15 years and continued to pay dividends.

"The Sri Lankan Tourism sector has performed reasonably well but was affected somewhat with the country attracting a higher number of lower-end or budget tourists who do not regularly patronise star class establishments," he said.

But some analysts say if not for smaller hotels more reasonable prices in line with competition in Asia at a time when European economies continue to be weak, tourist arrivals may have been far lower.

The group which owns or manages hotels in Maldives, India and the Middle East and has shipping operations in Africa recently won a deal to run ports in Fiji.

"In terms of expansion, we will continue to explore new avenues of business as well as new markets both in Sri Lanka and overseas, where we may utilise our proven capabilities in management to build sustainable new businesses," managing director J M S Brito said.
http://www.lankabusinessonline.com/news/sri-lankas-aitken-spence-group-net-down-34-pct/1040122046