Business
Aitken Spence records its historically highest ever Q1 PBT of Rs. 7.2 billion
Aitken Spence PLC reported a strong performance during the Q1 that ended 30th June 2022. The conglomerate recorded a significant increase on its profit before tax (PBT) of Rs. 7.2 billion compared to a loss of Rs. 467 million a year ago. This is the highest Q1 performance in the Group’s history despite the multiple obstacles stemming from the current economic crisis. The Group recorded a 553% increase in EBITDA (earnings-inclusive of equity accounted investees, before interest expenses, tax, depreciation, and amortization) of Rs.10.9 billion compared to Rs.1.7 billion in the previous year. Moreover, the Group’s profit after tax increased to Rs. 6.3 billion compared to a loss of Rs. 683 million in the previous year.
The Group’s maritime and freight logistics sector recorded a growth in PBT of 221.9% to reach Rs. 2.7 billion which was driven by an improved performance from overseas operations, liner shipping segments and the maritime higher education segment (CINEC).
The Group’s strategic investments sector recorded a PBT of Rs. 4.5 billion which was augmented by the contribution from the Group’s apparel, plantations, and printing and packaging segments together with the substantial exchange gain recorded in the holding company contributed greatly towards the profits of the sector. The Group’s services sector performance was commendable, recording a growth in PBT of 162.8% to reach Rs. 307 million with a strong contribution from the money transfer segment due to the flexible exchange rate.
The Group’s tourism sector showed a strong turnaround to record a growth in revenue of 205.9% to reach Rs. 10.1 billion whilst they recorded a sharp reduction in losses of 80.2% despite the prevailing conditions and fuel shortages which mainly impacted tourists travelling to Sri Lanka. Amidst these challenges, the Group’s tourism sector demonstrated a robust performance from some of their hotels overseas and the destination management operations. The rupee devaluation further contributed substantially to the increased revenue and reduced losses for this sector.
“Amidst another extremely challenging quarter, the transformational and resilient strategies across the Group that are executed by our hard-working teams have contributed to our robust top and bottom-line performance. As we continue in our struggle and move ahead, we remain confident for a stronger recovery in the Group and particularly in the tourism sector,” commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director, Aitken Spence PLC.
The Commercial Bank of Ceylon has signed a Memorandum of Understanding with Prime Lands and Prime Land Residencies to provide up to 100% financing for customers purchasing condominium units or gated houses developed by the Prime Group, demonstrating the Bank’s unwavering commitment to empowering more Sri Lankans to achieve their dream of home ownership.
The agreement enables prospective homeowners to seamlessly access Commercial Bank’s home loan facilities with tripartite agreements involving the developer, the buyer and the Bank. As the market leader in home loans, Commercial Bank brings unmatched expertise and flexibility to borrowers seeking to invest in properties developed by one of Sri Lanka’s most trusted names in real estate.
Commenting on the partnership, S. Ganeshan, Deputy General Manager – Personal Banking at Commercial Bank said: “This agreement with Prime Lands and Prime Land Residencies creates an excellent opportunity for us to expand our housing loan portfolio while enabling more Sri Lankans to realise one of their life goals. Commercial Bank’s strong home loan offering, combined with Prime Group’s reputation as a leading developer, ensures customers benefit from both financial strength and quality of construction.”
The Prime Group, which positions itself as the leader of real estate artistry in Sri Lanka, comprises subsidiaries associated with lands, houses, finance and condominiums. With over 30 years of trust and excellence and a base of more than 300,000 customers, the Group says it is driven by its evergreen vision: ‘Committed to Creating a Better Place on Earth,’ which continues to inspire its passion to deliver homes that bring customers’ dreams to life.
Mahogany Masterpieces, a Sri Lankan luxury furniture brand, has launched the “An Ode to Grain” collection. This showcase honors mahogany’s natural beauty and the brand’s craftsmanship. The philosophy is to let the wood’s grain guide the design, creating timeless pieces that respect the material. The collection includes new architectural elements like architraves, paneling, and corbels, designed to bring lasting warmth and character to interiors.
Visitors can view the full collection at the Mahogany Masterpieces Showroom and Design Studio which is located at No. 87, Dr. Lester James Peiris Mawatha (Dickman’s Road), Colombo – 05. www.mahoganymasterpieces.com
KIU University has gained national and global recognition for high-impact initiatives addressing Sri Lanka’s needs. Its flagship project – South Asia’s largest caregiving skill lab – prepares youth for skilled overseas healthcare jobs, winning a national Gold Award. The group’s Lahugala Smart Water Project also earned international sustainability honors. Further elevating its profile, Chief of Global Partnerships Thishani Rodrigo received a Global Recognition Award and was featured in Business Insider USA. Together, these achievements highlight KIU’s role in advancing education, employment, and sustainable development both locally and internationally.
Lanka gets US$50 Mn World Bank push for digital government
Lankan monks, activists demand an end to human-elephant conflict
ComBank and Prime Lands join forces to offer full financing on homes
Mahogany Masterpieces celebrates grain’s beauty
KIU University gains national and global recognition
HNB Assurance marks major milestones in its technological transformation journey
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#SundayIsland 17th December – Headlines
Sunday Island – 28th March
Sunday Island Headlines – 21 March
Sunday Island – 21st February – Headlines
-
Midweek Review5 days agoHow massive Akuregoda defence complex was built with proceeds from sale of Galle Face land to Shangri-La
-
News4 days agoPope fires broadside: ‘The Holy See won’t be a silent bystander to the grave disparities, injustices, and fundamental human rights violations’
-
News4 days agoPakistan hands over 200 tonnes of humanitarian aid to Lanka
-
News5 days agoBurnt elephant dies after delayed rescue; activists demand arrests
-
Business3 days agoUnlocking Sri Lanka’s hidden wealth: A $2 billion mineral opportunity awaits
-
Editorial5 days agoColombo Port facing strategic neglect
-
News3 days agoArmy engineers set up new Nayaru emergency bridge
-
News5 days agoSri Lanka, Romania discuss illegal recruitment, etc.