Expolanka 4Q net up 167% to Rs. 216mn, but full year down 38%
The diversified freight and logistics group, Expolanka Holdings PLC posted a net profit of Rs.216. 4 million for the quarter ended March 31, 2014 (4Q’15), up 167 percent from a year ago, the interim results released to the Colombo Stock Exchange showed.
The Earnings Per Share (EPS) rose to 11 cents from 4 cents.
The top line grew by 14 percent year-on-year (yoy) to Rs.13.9 billion while the cost of sales grew by 15 percent yoy to Rs. 11.8 billion leaving with a gross profit of Rs.2.2 billion, up 12 percent.
Meanwhile for the financial year ended March 31, 2015 (FY 2015) t he group saw its net profits contracting by as much as 38 percent to Rs.885.8 million.
This is due t o t he one off gains recorded in the previous year related t o divesting several non-core businesses.
The EPS dropped to 45 cents from 73 cents last year.
This is on a revenue of Rs.52.7 billion, down 1.3 percent and a cost of sales of Rs.44.1 million, down 1.6 percent. The gross profit remained virtually flat at Rs.8.5 billion.
“A year after implementing the strategic restructuring plan and striking a partnership with SG Holdings Japan, we are pleased with the progress and confident about our future.
The solid platform built with the synergy gained from our partnership with SG Holdings Japan and the focused restructuring strategy will result in aggressive growth in the coming years,” Group CEO and Director of Expolanka Holdings PLC Hanif Yusoof said.
The strategic restructure was undertaken with the aim of focusing the Group attention on core business sectors, Freight and Logistics and Travel & Leisure.
Freight & Logistics sector posted a revenue of Rs11.9 billion for the 4Q’15 indicating a healthy growth of 36 percent from the recorded revenue of Rs 8.7 billion during the same period last year. Strong performance from North America Trade lane coupled with steady growth in Asia trade lane supported this growth. The Net Profit for the sector reached Rs 407 million for the quarter which is a 100 percent growth compared to similar period last year.
Travel and Leisure sector posted a revenue of Rs 747 million for the financial year 2014/15 demonstrating a healthy growth of 31 percent from the recorded revenue of Rs 568 million during the same period last year. International trading and manufacturing sector recorded a revenue Rs. 1.1 billion recording an expected decline from the Rs 2.4 billion posted during the corresponding quarter of the previous year.
The divestment of several companies in the sector both last year as well as in 3rd quarter this year resulted in a decline in turnover.
“We are confident in achieving sustainable growth and I believe that our well defined plans will continue to bear fruit in the future”, Yusoof added.