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Expolanka posts Rs.1 bn net profit for FY12/13; revenue tops Rs.50bn

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3 June 2013 03:16 am - 0     - {{hitsCtrl.values.hits}}

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Expolanka Holdings PLC posted a net profit of Rs.1.06 billion for the year ended March 31, 2013 as against Rs.1.03 billion during the previous year, largely due to the growth in revenue witnessed during the year, interim financials released to the Colombo Stock Exchange revealed.

Accordingly, revenue grew 41 percent yearon-year (YoY) to Rs.50 billion during the year under review.

Meanwhile gross profit for the year in consideration grew 33 percent YoY to Rs.8.1 billion while finance costs stood at Rs.227 million in 2013 as against Rs.137.1 million in 2012.

A segmental analysis of Expolanka revealed that the freight and logistics segment contributed largely towards profitability of the company, with an operating profit of Rs.1.6 billion during the year in comparison to Rs.1.1 billion in 2012.

The travel and leisure sector posted an operating profit of Rs.141 million as against Rs.45 million during the previous year while the international trading and manufacturing sector’s operating profit for the year stood at Rs.284 million in comparison to Rs.201.2 million in 2012.

Further, the investments and services sector posted an operating profit of Rs.107.5 million during 2013 as against Rs.88.1 million in 2012.

Earnings per Share for the year under review stood at Rs.0.54 as against Rs.0.53 during 2012.

Commenting on the financial performance of the company, Group CEO Hanif Yusoof stated that the group’s year end results reflect the challenges that it continues to face in a volatile global macro-economic environment.

“The group’s performance was challenged given the trade slowdown in European markets and longer gestation periods in new investments made by the company during the year. We have taken measures to mitigate some of these challenges by moving into markets where growth is evident,” he said.

Yusoof f urther noted that having comfortably secured a bigger slice of the freight industry, Expolanka is moving forward and have set its sights on improving operational efficiency while consolidating volumes.

“We believe that the returns of our new investments will greatly strengthen our bottom line in the near term,” the CEO said.

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