ECONOMYNEXT – Expolanka Holdings said June 2015 net profit rose 28 percent to 222 million rupees from a year ago helped by the benefits of its restructuring and strong growth in its core freight and logistics business.
Group sales rose 12 percent to 13.9 billion rupees from the year before with earnings per share rising to 11 cents in the quarter from 09 cents.
Profit from the group’s freight and logistics business rose 84 percent to 317 million rupees, while that from its travel and leisure sector went up three percent to 51 million rupees, interim results filed with the stock exchange showed.
“In the current business year, we will concentrate on achieving higher profitability and continued growth in all business units,” group chief executive Hanif Yusoof said in a statement.
“We are optimistic about our growth opportunities within this financial year.”
Yusoof said the group has only just started to reap the benefits of its strategic restructuring efforts.
“We have achieved a steady growth in this quarter, indicating potential for further progress in the near future.”
Revenues from the freight and logistics sector for the June quarter rose 36 percent to 11.7 billion rupees from the previous year.
“The group’s core markets in India, Bangladesh and Sri Lanka performed well fueled by the healthy growth in US trade lanes,” the statement said.
“Bangladesh in particular showed positive results and a healthy margin growth in comparison to the disappointing performance during the last two quarters.
“Far East businesses such as Indonesia and Vietnam continued to maintain the momentum from last two quarters and generate healthy revenue. Cost rationalization conducted during last year in USA, Dubai and Bangladesh has begun to indicate positive results.” (Colombo/August 5 015-Update I)