Expolanka posts Rs. 31 Bn profit

Expolanka Holdings PLC, a leading logistics and leisure company in Sri Lanka, has reported earnings of Rs. 31 billion for the year with a marginal loss of Rs. 1.1 billion in the last quarter with the dip in freight rates.

The group CEO, Hanif Yusoof, expressed his pleasure with the performance, which he believes reflects the organization’s resilience and ability to withstand challenging macro environments as it continues its strategy of consolidation to achieve long-term growth.

During the quarter under review, the group achieved a revenue of Rs. 55.1Bn ($285M), gross profit of Rs. 19.3Bn ($100M), and an operating profit of Rs. 1.08Bn ($5.6M). However, an exchange loss of Rs. 2.4Bn ($12M) was recorded due to the appreciation of the Sri Lankan Rupee against the US Dollar.

The loss widens when considering comprehensive income with a loss of Rs. 11.7 billion for ‘Net exchange differences on translation of foreign operations’ for the quarter. The net loss at a consolidated level for the quarter was Rs. 12.8 billion. For the year the net comprehensive income was Rs. 41.1 billion compared to the Rs. 99.2 billion in the last financial year (2021/2).

Expolanka Holdings PLC’s revenue and profits from international business operations constituted 95% of the total group performance.

The logistics sector delivered a revenue of Rs. 52.9Bn ($273M), gross profit of Rs. 18.5Bn ($96M), and an operating profit of Rs. 987Mn ($5.1M) for the quarter. The sector contributed an Annual Revenue of Rs. 537Bn ($2.8Bn) and a profit after tax of Rs. 29.4Bn ($152M) for the year ended 31st March 2023. Expolanka Holdings’ leisure sector also posted an impressive performance, with quarterly revenue of Rs. 835Mn ($4.3M) and profit after tax of Rs. 132Mn ($682,431), resulting in an Annual Revenue of Rs. 3.0Bn ($15.5M) and a profit after tax of Rs. 811Mn ($4.2M) for the year. TP