An Echelon Media Company
Wednesday February 1st, 2023

Sri Lanka’s ExpoLanka Holdings profits surge in June 2021

ECONOMYNEXT – Sri Lanka’s Expolanka Holdings, a cross-border freight forwarder said profits grew 259 percent from a year ago to 6.26 billion rupees in the June 2021 quarter with high margin air freight and winning new business amid monetary instability at home.

The group reported earnings of 3.22 rupees for the quarter. In the March quarter also the firm reported earnings of 4 billion rupees. The stock last traded at 64.80 rupees.

Expolanka revenues grew 164 percent to 95.7 billion rupees in the June quarter with cost of sales rising 371 percent to 81.2 billion rupees and gross profits up 130 percent to 14.4 billion rupees.

“This was driven by a surge in consumer demand in the US retail markets, further resulting in a reduction of inventory levels, which in turn has increased demand pressure during the quarter,” Group Chief Executive Hanif Yusoof said.

“The company’s strategy of building capabili􀆟es in origins greatly aided in the exceptional erformance.

“The Air Freight product delivered significant volume growth during the quarter, where the main thrust of this growth was the increased business from several strategic customers.

“Given the disruptions faced industry share of Ocean Freight business was converted to Air Freight…”

Expolanka reported finance income of 25 million rupees, up from 6 million and finance costs of 97 million rupees, down from 105 millon.

Net assets grew from 27.3 billion rupees to 31.2 billion rupees with net assets per share rising to 15.92 rupees from 13.8 rupees.

Expolanka has overseas business and also benefits from rupee depreciation. (Colombo/July30/2021)

Leave a Comment

Your email address will not be published. Required fields are marked *

Leave a Comment

Leave a Comment

Cancel reply

Your email address will not be published. Required fields are marked *

Sri Lanka shares edge up at close

ECONOMYNEXT- Sri Lanka’s shares edged up on Wednesday pushed as investors bought in to beaten down shares following the previous session’s drop, market analyst said.“

At this price level what we are seeing is a lot of confidence from the investors to collect when the prices drop. So, the market is not falling sharply,” a market analyst said.

Market had also seen buying in Expolanka shares on speculation that the parent company of SG Holdings was buying back into the shares.

All Share Price Index (ASPI) edged up by 0.96 percent or 84.96 points to 8,950.01.

The most liquid index S&P SL20 gained 1.27 percent or 35.02 points to 2,799.53.

Banking and Insurance counters had seen interest on the back of positive sentiments from the IMF.

The central bank has said it could cut interest rates in future when the the country sees fall in inflation, which has already started decelerating.

The market saw a turnover of 1.5 billion rupees today,lower than the month’s daily average of 1.8 billion rupees and nearly half of 2022 average turnover of 2.9 billion rupees.

The bourse saw a flow of net foreign inflow of 45 million rupees extending the net offshore buying to 1.9 billion so far this year.

Top gainers of the day were Commercial Bank, Expolanka, and Ceylinco Insurance. (Colombo/Feb01/2023)

 

 

 

 

 

Continue Reading

Sri Lanka bond yields down at close

ECONOMYNEXT – Sri Lanka’s bond yields were down at close following a bond auction on Wednesday, dealers said while a guidance peg for interbank transactions remained unchanged.

“The rates were steady at the auction,” a dealer said.

“This can be a signal to the market saying the rates will go down in the future.”

A bond maturing on 01.07.2025 closed at 32.40/60 percent, down from yesterday’s 32.60/85 percent.

A bond maturing on 01.05.2027 closed at 29.10/35 marginally down from yesterday’s 29.20/75 percent.

The Central Bank’s guidance peg for interbank US dollar transactions remained unchanged at 362.14 rupees against the US dollar.

Commercial banks offered dollars for telegraphic transfers at 371.38 rupees on Friday, data showed. (Colombo/Feb 01/2022)

Continue Reading

Sri Lanka bill auction hits pothole after 2025 bond spike

ECONOMYNEXT – Sri Lanka sold only 45 billion rupees in Treasury bills at Wednesday’s auction after offering 120 billion rupees, data from the state debt office showed, amid market confusion over a spike in a two year bond at an earlier action.

30.1 billion rupees of 3-month bills were sold at 29.91 percent, unchanged from a week earlier after offering 60 billion rupees for auction.

5.1 billion rupees of 6-month bills were sold at 28.72 percent, flat after offering 30 billion.

10.3 billion rupees of 12-month bills were sold at 27.72 percent after offering 30 billion.

Phase II subscriptions have been opened.

The market was foxed after the 2025 bonds were accepted at sharply higher yield than market on January 30, dealer said.

There was further confusion as the there was an outright purchase of 2025 at around 29 percent earlier in January.

Some investors speculated that the authorities were trying to drive more buyers towards short end bonds as bill volumes were getting larger. (Colombo/Feb01/2023)

Continue Reading