Second quarter financial results of Aitken Spence PLC released to the Colombo Stock Exchange on Tuesday, revealed Rs 1.24 b as profit-before-tax for the six months ended 30th September 2008. The diversified conglomerate disclosed Rs 792.4 m as profit attributable to the shareholders, a growth of 4.6 per cent, compared to the same period last year.

Group Turnover has increased by 18.6 per cent to Rs 14.8 b, up from Rs 12.5 for the corresponding period last year. Earnings per Share increased 4.6 per cent from Rs 27.98 to Rs 29.28.

The garment manufacturing sector suffered a loss of Rs 17m for the first six months in an extremely competitive global environment.

Freight rates to and from Colombo to global destinations have contracted by about 40% which significantly affects the company's revenue streams. Therefore, we would welcome a further depreciation of the rupee to enable shipping agents to generate an income which is marginally above cost.

During the period under review, as further testament to the company's green credentials, Heritance Ahungalla and Heritance Kandalama bagged the top two awards under the Services category at the National Cleaner Production Awards 2008, organized by the National Cleaner Production Centre (NCPC). Heritance Ahungalla was also awarded for Excellence in Water Efficiency and Excellence in Energy Efficiency. Heritance Kandalama and Ramada Resort, Kalutara also managed by Aitken Spence Hotels received Certificates of Merit for Energy Efficiency.

"Regardless of industry downturns or upturns, we commit ourselves to continuously raise our standards in all aspects of our operations. It remains true to our best practices in environmental and social governance as well. We will continue to share our experience and expertise to local and international fora."