COLOMBO: Expolanka Holdings, which operates in areas including logistics and leisure, said it recorded seven percent growth in revenue to 14.96 billion rupees in the June quarter, which was a resilient performance amidst challenges.
With its strategic shift towards growth sectors in logistics and leisure, operating profit increased 20 percent to 400 million rupees.
Profit after tax for the quarter fell 10.73 percent to 272 million rupees. Earnings per share for the quarter was 0.09 rupees, on a share price of 6.90 rupees.
“It is noteworthy that the strategic focus on growth sectors has delivered a resilient financial performance in the first quarter of 2016/17 even amidst challenges,” Group CEO Hanif Yusoof said.
“With ongoing developments such as the possible restoration of GSP Plus to the EU and other macro related developments, we intend to capitalize on the emerging growth opportunities, both locally as well as regionally.”
Expolanka group operates in three spheres of Logistics, Leisure and Ventures after divesting its non-core assets.
In Logistics, the group increased its revenue by five per cent YoY to 12,405 million rupees for the quarter, “a noteworthy performance considering the surge in air freight shipments in the corresponding quarter of the previous year,” the company said.
Both air and ocean freight recorded double digit volume growth while the group’s core markets in India, Bangladesh and Sri Lanka performed well, fueled by healthy volume growth in the US trade lane.
Indonesia, Vietnam and Hong Kong (the Far East) recorded notable performances, thereby contributing to the overall sector growth. In addition, cost rationalization exercises and global procurement efforts conducted over the past few years have yielded results boosting bottom line growth of the sector.
The Leisure sector experienced revenue growth of 64 percent YoY, improving its top line to 1,383 million rupees with the group’s outbound business travel operations recording positive results, building further on the growth that the sector showed throughout last year.
Expolanka Holdings will continue to focus its attention towards growing the Leisure Sector, the company said.
The Ventures sector recorded a Revenue of 1,167 million rupees during the quarter. Non-recurring charge of 48 million rupees related to restructuring cost affected the PBT of the segment.
Expolanka Holdings PLC has been in operation since 1978 and has a workforce of over 2800 employees. Headquartered in Colombo, Sri Lanka, the group’s network spans more than 20 countries in Asia, Africa, USA and the Middle East.
