EconomyNext – Sri Lanka’s Expolanka Holdings said December 2014 quarter net profit fell 47 percent to 362 million rupees from a year ago with business growth in its local and Indian operations but difficulties in Bangladesh.
The firm, now controlled by Japan’s SG Holdings Global, said in a Colombo Stock Exchange filing sales rose 2.5 percent to 13.4 billion rupees for the three months ended 31 December 2014.
During the quarter it reported a sharp fall in other income and finance costs. Basic earnings per share fell to 19 cents from 35 cents.
Expolanka Group Chief Executive Hanif Yusoof said its business in the Indian sub continent performed well during the quarter.
"Sri Lankan and Indian entities achieved a profi¬t growth which was a direct result of the business growth achieved particularly on the US trade lane," he told shareholders.
"However, our Bangladesh entity continued to be affected by the challenges faced in the local apparel sector of the country."
Expolanka’s Indonesian trade continues to maintain the momentum gained in the previous two quarters fuelled by increased volume from Europe and the US, Yusoof said.
In the nine months to December 2014, Expolanka Group net profit was down 50 percent to 669 million rupees while sales fell almost six percent to 39 billion rupees. EPS for the nine months was 34 cents against 69 cents the previous year.
Yusoof said the group will continue to focus more on optimizing performance in the freight and logistics sector, improving effi¬ciency which would result in sustainable growth in the future.
"Our perishable exports business maintained its healthy growth from the previous quarter with a turnaround profi¬t growth in the fresh and desiccated coconut exports," he said.