Expolanka Holdings posts Rs. 1.67 bln pre-tax profit
View(s):Expolanka Group reached an annual turnover of Rs. 50 billion for the first time, recording a 41 per cent year-on-year growth (for 2012/13) helped by a 64 per cent spurt in the Freight and Logistics sector.
The company sustained its consolidated pre-tax profit at Rs. 1.28 billion and a consolidated pre-tax profit at Rs. 1.67 billion.
The Freight and Logistics Sector recorded of Rs. 1.18 billion post-tax profit, up 6.6 per cent from the previous year. The other three key sectors
- Travel and Leisure, International Trading and Manufacturing, and, Investments and Services in total contributed Rs. 101 million to the post-tax profit of the group.
“The group’s year end results reflect the challenges that we continue to face in a volatile global macro-economic environment,” Expolanka Holdings PLC Group CEO Hanif Yusoof said.
“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.”
The company is nearing completion of its flagship, state-of-the-art warehouse in Orugodawatte which will address every logistical need, not only with storage but also by providing value-added processing.
Investments in the US, China and Hong Kong in the Freight and Logistics Sector have performed beyond expectations.
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