ECONOMYNEXT – Profits at Sri Lanka’s Expolanka Freight Holdings Plc grew 39 percent to 469 million rupees in the December 2018 quarter, helped by non-operating income and growth in core logistics business, interim results show.
The group reported earnings of 24 cents per share. In the nine months to December, Expolanka reported earnings of 54 cents per share on total profits of 1,065 million rupees.
In the December quarter revenues grew 31 percent to 27.7 billion rupees, cost of sales grew 30 percent to 22.6 billion rupees and gross profits grew at a fast 37 percent to 5.1 billion rupees.
Non-operating income grew six fold to 217 million rupees from 29 million rupees a year earlier.
"All core freight products remained robust, with Air Export continuing to be the largest contributor towards the overall business operations of the firm," Chief Executive Hanif Yusoof told shareholders.
"The sector continued to face challenges within the Ocean Freight product but managed to maintain stability in its global operations.
"The key origins for the group, South Asia & the Far East, continued to see growth & improvement in margins."
Contract logistic and operations were also stable, he said.
Sri Lanka’s rupee has fallen from 153 to the US dollar to around 180 to the US dollar over 2018 as the Central Bank targeted the exchange rate, while printing money to target a policy rate. (Colombo/Feb08/2019 – SB)