Expolanka Dec. net up on better logistics performance
Expolanka Holdings PLC reported higher earnings for the December quarter helped by its logistics sector performance despite some yield pressure faced by the key business segment, the interim results filed with the Colombo Stock Exchange showed.
The group, which also has interests in leisure and some other business areas, reported earnings of 17 cents a share or Rs.336.5 million for the 3Q18, up 23 percent year-on-year (YOY)
The group revenue rose by 23 percent YOY to to Rs.21.1 billion and the direct costs rose by 21 percent YOY to Rs. 17.3 billion, which resulted in a gross profit of Rs.3.78 billion, up 34 percent YOY.
Meanwhile, for the nine months ended in December 2017, the group reported earnings of 21 cents or Rs.402.1 million, down 43 percent YOY on revenue of Rs.48.3 billion, up 22 percent.
The performance was predominantly led by the group’s key logistics business, which reported revenue of Rs.55.2 billion, up 35 percent YOY.
However, the profit after tax of the segment declined 34 percent YOY to Rs.827.9 million.
“All key trade lanes performed to expectations during the quarter with increased outbound volumes being recorded from the Eastasian markets (China, Hong Kong, Philippines, Indonesia & Vietnam).