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Thursday December 2nd, 2021
Logistics

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)

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