Aitken Spence achieves 44% growth in 3Q PBT from non-tourism sectors | Daily News

Aitken Spence achieves 44% growth in 3Q PBT from non-tourism sectors

Aitken Spence PLC non-tourism multi-industry sectors reported a Profit-Before-Tax (PBT) of Rs. 1.3 Bn in 3Q, a growth of 44% compared to the previous year in the midst of challenging economic conditions. These sectors also reported an EBITDA (Earnings Before Interest Expense, Tax, Depreciation and Amortisation) of Rs. 1.7 Bn compared to Rs. 1.4 Bn of EBITDA recorded during the third quarter of the previous year.

The overall contribution from the non-tourism sectors was notable during the second lockdown period of the country. Companies in the maritime and freight logistics, power, money transfer, elevator agency, printing and packaging, and plantation sectors performed exceptionally well compared to last year with an increase in PBT for the quarter while maintaining positive performance during the nine months ending 31st December 2020.

The Group’s latest iconic venture, Sri Lanka’s first waste-to-energy project with an investment of approximately Rs. 15 Bn will be formally launched this month by the Prime Minister. This project will provide a sustainable solution to the Colombo city’s waste management problem whilst adding renewable energy to the country’s energy profile.

The performance was seen from the strategic investments sector that recorded a profit before tax growth of 248%. The Group’s plantations segment recorded an excellent performance during the quarter with substantial profit growth. During the quarter Elpitiya Plantations PLC clinched the award for Best Integrated Report - Plantations sector at the CMA Excellence in Integrated Reporting Awards 2020.

The printing and packaging segment recorded a significant improvement in its performance generating healthy profits during the quarter compared to the negative returns generated in the third quarter of the previous financial year. Furthermore, the maritime and freight logistics sector also performed remarkably to record a 10% increase in profits before tax for the period.

The Group’s tourism sector EBITDA for 3Q was a loss of Rs. 447.2 Mn. However, after the reopening of Maldives, the hotels’ segment is gradually recovering alongside the local tourists handled by the Sri Lankan tourism sector.

The destination management arm of the Group Aitken Spence Travels recently facilitated the first of many weekly charter flights from Kazakhstan an arrangement that will continue until April.

The Profit-Before-Tax (PBT) for the third quarter was a loss of Rs. 0.5 Bn compared to a profit of Rs. 1.2 Bn in the previous year, which was due to the pandemic weighing on the tourism sector.