Strong Maldivian segment boosts Aitken Spence Hotel profits

The hotel operations of Aitken Spence group has put up a relatively strong show in the December quarter (3Q15), compared to the group profit, which was down 20 percent year-on-year.
AdaaranPrestigeWater VILLASIN MALDIVES

Aitken Spence Hotel Holdings PLC ( AHUN), the leisure sector arm of the group reported a net profit of Rs.638 million in t he December quarter against Rs.545.4 million in the same quarter of the previous year amid strong gains from Maldivian resort segment. The earnings per share improved to Rs.1.89 from Rs.1.61.The revenue during the quarter under review largely remained flat at Rs.3.45 billion.

The operations profit stood at Rs.1.12 billion against Rs.948.4 million.

For the nine months ended December 31, 2014, the net profit of the firm edged up to Rs.1.13 billion with an earnings per share of Rs.3.34.

The resorts and hotels the company owns and manages in Sri Lanka have made a revenue of Rs.2.2 billion during the nine months under review against Rs.2.17 billion in the corresponding period of the previous year.

The pre-tax profit of the segment was Rs.340.6 million, slightly down from Rs.349.2 million.

The Maldivian resort operations saw a boost in both revenue and profits. The segment’s revenue stood at Rs.6.81 billion, up from Rs.6.71 billion.

The pre-tax profit of the segment improved to Rs.1.49 billion from Rs.1.35 billion.

Aitken Spence manages 5 resort hotels in Maldives.

The pre-tax profits originating from hotels managed by Aitken Spence in Oman and India fell to Rs.320.7 million from Rs.390 million.

The company manages 5 properties in Oman and two in India. Also, the company last year bought a 5-star hotel in Chennai in a US $ 25 million deal.

Source :


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