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Sri Lanka’s Expolanka Holdings net up 22-pct

ECONOMYNEXT – Sri Lanka-based Expolanka Plc, an international logistics company said profits in the December 2018 quarter rose 22 percent from a year earlier to 336 million rupees amid better performance in leisure and international freight business.

The group reported earnings of 17 cents per share. In the 9 months to December Expolanka reported earnings of 21 cents per share on total profits of 402 million rupees, which were down 42 percent.

Revenues rose 23 percent to 21.1 billion rupees, cost of sales rose at a slower 20.8 percent to 17.3 billion rupees, allowing gross profits to grow at a faster 3.9 percent to 3.7 billion rupees.

"All key trade lanes performed to expectations during the quarter with increased outbound volumes being recorded from the East-Asian markets (China, Hong Kong, Philippines, Indonesia & Vietnam)," Managing Director Hanif Yusuf said.

"Our efforts in enhancing the South Asia – USA Tradelanes are starô€†Ÿng to show results and we hope the momentum will conô€†Ÿnue.

"The Europe & Intra Asia trade lanes continue to augment the overall performance of the group by delivering consistent numbers."

He said volume growth in the sector brought profits of 522 million rupees, while leisure 48 million rupees.

In the 9 months, air freight revenues grew 30 percent and see freight 17 percent. (Colombo/Feb09/2018)

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