Expolanka March quarter net down 31-pct
ECONOMYNEXT – Expolanka Holdings PLC said March 2016 quarter net profit fell 31% to 150 million rupees from a year ago.
Sales were stagnant at 14 billion rupees, according to interim accounts filed with the stock exchange.
The accounts showed a sharp 214% increase in income tax costs to 207 million rupees during the March quarter.
Earnings per share were eight cents in the quarter. In the year ending 31 March 2016, EPS was 57 cents with annual net profit up 26% to 1.1 billion rupees while sales rose six percent to 56 billion rupees.
Expolanka Holdings chief executive Hanif Yusoof said the year’s results were mainly driven by the sustained performance of the Indian sub continent along with market growth in Indonesia, Vietnam, Hong Kong, USA and China.
“Both sea and airfreight businesses recorded healthy volume growth driven by positive sentiments in the US trade lane,” a statement said.
Yusoof said the group looked to yield the benefits of the restructuring process by focusing on the growth of core business.
“Our focus remained on improving operational efficiencies,” he said in a statement.
“In the next financial year, we hope to focus more on high growth markets and provide more solutions based services for freight and logistics whilst looking at process improvements and leveraging on technology enhancement that we’ve already put in place.”
(COLOMBO, June 02 2016)