Expolanka Holdings PLC for the quarter ended March 2024, reported Revenue of Rs. 66.0 billion, Gross Profit of Rs. 12.8 billion, and a Net Loss of Rs. 5.3 billion. For the twelve months that ended on 31, March 2024, the group reported Revenue of Rs. 249.9 billion, Gross Profit of Rs. 47.1 billion and a Net Loss of Rs. 17.6 billion.
Importantly, the company also announced the delisting of its ordinary shares from the Colombo Stock Exchange on March 1, 2024 and received approval from shareholders at an Extra Ordinary General Meeting (EGM) held on the 27th of March 2024. The company is now seeking approval from the Securities and Exchange Commission of Sri Lanka (SEC) to proceed with the delisting process.
In its logistics business, EFL Global experienced a decline in Air Freight and Ocean Freight volumes due to low imports and slowing consumer demand. On the supply side, Air Freight rates remained steady during the quarter following volatility during the first 3 quarters of the year. FL Global augmented its service portfolio to establish capabilities across the customer value chain and increase account penetration.
Despite the challenging market conditions, including declining volumes, rate volatility, and supply chain disruptions, EFL’s global network presence and infrastructure capabilities enabled it to navigate through these adversities.
The Logistics sector, which remains Expolanka’s core business, reported Revenue of Rs. 63.6 billion and a Gross Profit of Rs. 12.1 billion in Q4. For the Full Year, the sector generated Revenue of Rs. 240.6 billion and a Gross Profit of Rs. 44.3 billion.
For the quarter under review, the Leisure sector continued to show promising growth reporting Revenue of Rs. 748 million, Gross Profit of Rs. 634 million, and Profit after Tax of Rs. 52 million.
For the twelve months that concluded on March 31, 2024, the sector reported Revenue of Rs. 3.4 billion, Gross Profit of Rs. 2.6 billion, and Profit after Taxes of Rs. 768 million, driven by strong performance in corporate travel and the inbound and leisure portfolios.
The Investment sector reported Revenue of Rs. 1.8 billion and a Gross Profit of Rs. 276 million in Q4, while for the Full Year, Revenue stood at Rs. 6.6 billion, and Gross Profit was Rs. 930 million. The IT business continued its steady progress, and the export operations have stabilized.
The company has maintained a stable cash flow position due to its consistent working capital cycle and improved collections. The closing cash balance as of March 2024 was LKR 47Bn.
Despite the challenges posed by the macro environment, Expolanka Holdings PLC has demonstrated resilience and agility in navigating through this volatile phase.
