Expolanka Holdings PLC recorded a revenue of Rs 63 billion for the twelve months ended March 31, 2017 supported by a growth of 13% and profit before tax (PBT) of Rs. 1.75 billion for the year ended 2016/2017.
Commenting on the results Hanif Yusoof, Group CEO, Expolanka Holdings PLC said, “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 billionposting 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 fromits Indian ou tbound 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 2300 employees. Headquartered in Colombo, Sri Lanka, the Group’s network spans more than 17 countries in Asia, Africa, USA and the Middle East.
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