Profits at Aitken Spence PLC, the diversified conglomerate, fell by 22.3 % to Rs 433.7 million for the three months ended 30th June 2009, over the same period during 2008 with the company saying this is mainly due to drop in earnings from its Maldivian resorts.
The profit attributable to shareholders reduced during this period by 24.1% to Rs 293.8 million compared to the Rs 387.1 million in the same period a year earlier. Aitken Spence is the largest international resort operator in the Maldives with its 7-resort chain but from April this year the country saw a sharp drop in tourist arrivals largely attributed to the global recession had a negative effect on the tourism sector earnings in the first quarter.
Aitken Spence hotel sector operations saw a Rs 85.6 million loss during the quarter under review compared to the Rs 46.3 million profit during the same period in 2008. The total revenue generated from this sector also dropped in this period, recording Rs 1.5 billion compared to the Rs 1.66 billion in the same period in 2008.
The cargo and logistics sector profits were up recording Rs 130.4 million in this quarter under review compared to Rs 94 million in the same period in 2008. The cargo logistics sector includes maritime services, cargo, integrated logistics and courier services. |
E-mail