Sri Lanka's Expolanka March 2015 net up 167-pct as trade recovers
May 30, 2015 07:00 AM GMT+0530 | 1 Comment(s)
COLOMBO (EconomyNext) – Expolanka Holdings group said March 2015 quarter net profit rose 167 percent to 216 million rupees from a year ago supported by freight growth in the North America and Asian trade lanes.
Sales rose 14 percent to almost 14 billion rupees during the quarter with earnings per share at 11 cents, a stock exchange filing said.
An Expolanka statement said its freight and logistics sector revenue for the fourth quarter grew 36 percent to 11.9 billion rupees from the same period last year.
“Strong performance from the North America trade lane coupled with steady growth in the Asia trade lane supported this growth,” it said.
The sector’s net profit doubled to 407 million rupees for the quarter from the same period last year.
For the financial year ending 31 March 2015, Expolanka earned 45 cents per share with net profit down 38 percent to 886 million rupees while sales fell one percent to 52.7 billion rupees
This was mainly due to one off gains recorded in the previous year related to divesting of several non-core businesses, the statement said.
Annual profit of the freight and logistics sector grew six percent to 1.1 billion rupees while the travel and leisure sector profit more than doubled to 140 million rupees and its international trading and manufacturing business profit shot up 327 percent to 72 million rupees.
But the group’s investments and services business made a loss of 287 million rupees during the year.
“A year after implementing the strategic restructuring plan and striking a partnership with SG Holdings Japan, we are pleased with the progress and confident about our future,” Expolanka group chief executive Hanif Yusoof said.
“The solid platform built with the synergy gained from our partnership with SG Holdings Japan and the focused restructuring strategy will result in aggressive growth in the coming years.”
The strategic restructure was undertaken with the aim of focusing the group on its core freight and logistics and travel and leisure business sectors.