Expolanka posts 72% growth

Expolanka Holdings recorded a revenue of Rs. 13. 9 billion and a PBT of 400.7 million for the first quarter of the financial year 2015/16. The recorded Net Profit attributable to Equity holders of the Group was Rs. 222 million in comparison to the Rs.173 million recorded during the corresponding period of last year, indicating a 28 percent increase.

"Our Group has only just started to reap the benefits of our strategic restructuring efforts. Within the last two years we embarked on a steady path of sustainable growth with particular focus and investments on our core sectors, Freight and Logistics and Travel and Leisure. As a result, we have achieved a steady growth in this quarter, indicating potential for further progress in the near future", said Group CEO and Executive Director, Expolanka Holdings PLC, Hanif Yusoof.

Earnings from the Freight and Logistics sector for the first quarter posted a revenue of Rs. 11.7 billion recording a 36 percent growth in comparison to the corresponding period in the previous year. The Group's core markets in India, Bangladesh and Sri Lanka performed well fueled by the healthy growth in US trade lanes. Bangladesh in particular showed positive results and a healthy margin growth in comparison to the disappointing performance during the last two quarters.

Far East businesses such as Indonesia and Vietnam continued to maintain the momentum from last two quarters and generate healthy revenue. Cost rationalization conducted during last year in USA, Dubai and Bangladesh have begun to indicate positive results.

Travel and Leisure sector recoded revenue Rs. 844 million recording a growth of 24 percent in comparison to the corresponding period in the previous year.

The Group's outbound travel operations recorded postive results, further boosting the healthy growth that the sector continued to show throughtout last year. Expolanka's inbound business has yet to reach its potential.

The Group's International Trading and Manufacturing sector recorded a revenue of Rs. 1.2 billion posting a drop of 57 percent in the wake of divestment of several companies in the sector. Investments and Services sector recorded a revenue of Rs. 130 million.