Ceylon FT: Diversified Expolanka Holdings reported a net profit of Rs 1.46 billion for the nine months ended December 2013, up 53% from a year ago, interim financial results showed.
Revenue grew 19% to Rs 41.9 billion and gross profit grew 8% to Rs 6.52 billion. Administrative expenses grew 10% to Rs 5.11 billion.
Group CEO, Hanif Yusoof, told shareholders that the freight and logistics sector reported a Rs 26 billion revenue, up from Rs 22.5 billion a year ago.
"In a challenging market environment, the sector was able to increase business volume in all segments, the results, however, were affected by pressure on margins stemming from core markets in India and Bangladesh.This affected the overall sector profit growth. We are encouraged by the performances of our new ventures in Hong Kong, China and USA," Yusoof said.
The travel and leisure sector saw revenue grow to Rs 2 billion, from Rs 1.4 billion a year ago.
The international trading and manufacturing sector reported a revenue of Rs 12.1 billion, up from Rs 9 billion a year ago.
During the period, Expolanka Holdings divested Expolanka Commodities (Pvt) Ltd, Lanka Premier Foods (Pvt) Ltd, Luxe Asia (Pvt) Ltd, and APIIT for a total consideration of Rs 1.1 Billion which recorded a gain of Rs 557 million. Expolanka Commodities (Pvt) Ltd, Lanka Premier Foods (Pvt) Ltd were divested for a total consideration of Rs 550 million to Aberdeen Holdings (Pvt) Ltd.
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Revenue grew 19% to Rs 41.9 billion and gross profit grew 8% to Rs 6.52 billion. Administrative expenses grew 10% to Rs 5.11 billion.
Group CEO, Hanif Yusoof, told shareholders that the freight and logistics sector reported a Rs 26 billion revenue, up from Rs 22.5 billion a year ago.
"In a challenging market environment, the sector was able to increase business volume in all segments, the results, however, were affected by pressure on margins stemming from core markets in India and Bangladesh.This affected the overall sector profit growth. We are encouraged by the performances of our new ventures in Hong Kong, China and USA," Yusoof said.
The travel and leisure sector saw revenue grow to Rs 2 billion, from Rs 1.4 billion a year ago.
The international trading and manufacturing sector reported a revenue of Rs 12.1 billion, up from Rs 9 billion a year ago.
During the period, Expolanka Holdings divested Expolanka Commodities (Pvt) Ltd, Lanka Premier Foods (Pvt) Ltd, Luxe Asia (Pvt) Ltd, and APIIT for a total consideration of Rs 1.1 Billion which recorded a gain of Rs 557 million. Expolanka Commodities (Pvt) Ltd, Lanka Premier Foods (Pvt) Ltd were divested for a total consideration of Rs 550 million to Aberdeen Holdings (Pvt) Ltd.
www.ceylontoday.lk
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