Expolanka Holdings PLC achieves top line growth of 7% in 1Q 2016/17
View(s):Expolanka Holdings PLC, through its strategic shift towards focus on growth sectors, has achieved revenue growth of seven per cent year-on-year (YoY) amidst challenges to reach Rs. 14,956 million in the first quarter of the 2016/17 financial year (1Q 2016/17). But pre-tax profit (PBT) fell due to other reasons. According to unaudited figures released to the Colombo Stock Exchange (CSE), the company – driven by good performances in its Logistics and Leisure sectors (with Ventures being its other area of operations), the company also improved operating profit (which excludes other incomes and finance cost) by 20 per cent YoY to Rs. 400 million, for the three months which ended on 30th June, 2016.
A company media release said that as a result of non-cash write down in passive investments held at the group level, the group’s PBT for the quarter was Rs. 378 million, lower by six per cent YoY. The profit attributed to shareholders for the quarter also declined by 18 per cent. “It is noteworthy that the strategic focus on growth sectors has delivered a resilient financial performance in the first quarter of 2016/17 even amidst challenges,” Group CEO – Hanif Yusoof said. “With ongoing developments such as the possible restoration of GSP + to the EU and other macro related developments, we intend to capitalize on the emerging growth opportunities, both locally as well as regionally.”
The release said Expolanka Group, which now operates in the three spheres of Logistics, Leisure and Ventures, after divesting its non-core assets to focus greater on growth sectors, experienced top line growth in Logistics and Leisure during the first quarter of the 2016/17 financial year. The group has been in operation since 1978 and has a workforce of over 2800 employees. Headquartered in Colombo, Sri Lanka, its network spans more than 20 countries in Asia, Africa, USA and the Middle East.