With a stellar performance from its tourism sector, Aitken Spence PLC reported its highest ever profit before tax of Rs. 5.5 billion for 2011/12. The Company posted a consolidated profit after tax of Rs. 4.7 billion for the year financial year ended 31st March 2012. The blue chip showed a net profit attributable to the shareholders of Rs. 3.7 billion, a remarkable 46.2 per cent increase from last year, while revenue grew by 22 per cent to Rs. 30.7 billion. During the year Aitken Spence realized a gain of Rs. 655 million with the strategic decision to sell the Company’s stake in Colombo International Container Terminals Ltd.

Aitken Spence reported an exceptional growth in earnings per share of 46.3 per cent to Rs. 9.14 and announced a dividend of Rs. 1.40 per share which is an increase of 40 per cent over the previous year.

The Group’s fourth quarter net profit attributable to shareholders surged by 92.8 per cent to Rs. 1.76 billion while profit after tax swelled to Rs. 2.14 billion, a 73.5 per cent increase over the corresponding period in the previous year. Net revenue for the final quarter rose by 39.1 per cent to Rs. 9.65 billion.

Aitken Spence Deputy Chairman and Managing Director, J M S Brito said, “The hallmarks of our success and sustainability have been our ability to harness the right business opportunities; our capacity and agility to reposition, realign and reinvent ourselves to capitalize on market realities; and the business acumen and instincts of our team of well-honed professionals whose bold decisions have paved the way for the stable and solid results.”

The Tourism sector of Aitken Spence achieved a record Rs. 2.6 billion profit from operations. This was an outstanding 65.3 per cent improvement in performance in comparison to the previous year. Revenue from the Tourism sector grew by 13 per cent to Rs. 11.3 billion. The Tourism sector contributed nearly 50 per cent of the Group’s profit from operations in the financial year 2011/12, regaining is position as the number one contributor.

The highest contributor towards the sector’s growth was the Group’s resort properties in the Maldives. The results followed a strategic revision of our operations in the Maldives, taking into account the present market realities and trends. The Group’s six resorts compete in different market segments, but are collectively positioned in the 4 star and 5 star categories, which has seen a heavy demand in a market studded with up market resorts.

The Sri Lankan hotels recorded operating profits on par with 2010/11, due solely to closures of several key properties for refurbishment. Heritance Tea Factory performed exceptionally well during the year, while Heritance Ahungalla also returned a satisfactory performance. Heritance Ayurveda Maha Gedara opened its doors during the year as an authentic Ayurveda resort and has been well accepted by the market. The Dambulla wing of Heritance Kandalama was closed for six months for construction of a conference hall and refurbishment of guest rooms. The conference hall is expected to be completed by July 2012. The Sands by Aitken Spence, the Kalutara