ECONOMYNEXT – Sri Lanka based Expolanka Holdings, a unit of Japan’s SG Holdings in logistics said profits in the December 2021 quarter grew 406 percent to 23 billion rupees, with elevated freight rates and a recovery in the North America and Europe.
Revenues grew 254 percent to 204 billion rupees while cost of sales grew 244 percent to 166 billion rupees, allowing gross profits to grew 299 percent to 38.7 billion rupees.
“Origins such as Sri Lanka, India, Vietnam, China have performed remarkably well, whilst new markets such as Malaysia and Thailand have seen significant growth in business, an endorsement of the company’s regional expansion strategies,” Group Chief Executive Hanif Yusoof said.
“Whilst the North America Trade lane remained the key driver of business the European and Intra Asia business remained resilient with stable growth during the quarter.”
Though pandemic impacts are gradually easing, markets are expected to remain disrupted in the near term, he said. (Colombo/Jan28/2022)