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Friday Nov 15, 2024
Tuesday, 30 May 2017 00:04 - - {{hitsCtrl.values.hits}}
Expolanka Holdings PLC said yesterday it has recorded a revenue of Rs. 63 billion for the twelve months that ended 31 March 2017 supported by a growth of 13% and profit before tax (PBT) of Rs. 1.75 billion for the year that ended 2016/2017.
Commenting on the results, Expolanka Holdings Group CEO Hanif Yusoof said in a statement: “The year has been challenging, while in our core sector logistics operating profits grew backed by solid volume growths we were unable to convert this success to net profit growth.
This was largely due to write down in passive investments and impact on exchange with the strengthening of currencies in the sub-continent.”
Logistics recorded a revenue of Rs. 54 billion posting a growth of 15% in comparison to the previous financial year. The year’s positive results were mainly driven by the sustained performance of the Indian subcontinent along with market growth in Hong Kong and China. Both ocean and air freight businesses recorded double digit volume growth driven by positive sentiments from the largest customers in the US and Europe trade lanes.
The Leisure sector continued to show positive signs during the period recording a revenue of Rs. 4.6 billion. Outbound ticketing operations performed well, posting a high level growth in profitability. Nevertheless, in spite of this commendable performance, the proposed exit from its Indian outbound business will have an impact on future revenue. The group aims to offset this by increasing the value propositions under the leisure umbrella, offering end to end solutions for corporate and personal travel.
Expolanka’s Investments sector recorded a revenue of Rs. 4.3 billion with the passive investments impacting on overall group profitability leading to the 14% reduction from the previous period.
“In the next financial year, we hope to focus more on high growth markets and broad base our customers and products portfolio in the Logistics sector whilst looking at increasing operational efficiency and leveraging on technology. We are getting closer to our goal of becoming a true multinational.”
Expolanka Holdings PLC has been in operation since 1978 and has a workforce of over 2,300 employees. Headquartered in Colombo, Sri Lanka, the Group’s network spans more than 17 countries in Asia, Africa, USA and the Middle East.
