Expolanka Holdings PLC, reporting financial results for the first quarter of the 2024 financial year, that ended June 30, 2023, remained steadfast in consolidating performance and pursuing its long-term strategy. During the quarter under review, Expolanka Holdings demonstrated incredible resilience, with a revenue of Rs. 55.5 Bn and a Gross Profit of Rs. 11.2 Bn, despite persisting challenges posed by market disruptions, volatility, and uncertainty, an Expolanka press release said.
The release adds: ‘The large foreign earnings portfolio and foreign asset base of the group was again negatively impacted by the appreciation of the Sri Lanka Rupee which resulted in the group recording an exchange loss of Rs. 973 Mn for the quarter.
‘With global economies prioritizing inflation control and economic stability amid broader macroeconomic management, factors such as inflation, high interest rates, and geopolitical tensions have also curbed consumer spending, especially on discretionary items, resulting in dampened market demand.
‘The Logistics Sector delivered a revenue of Rs. 53.4 Bn and a Gross Profit of Rs. 10.5 Bn, whereas the Investment Sector achieved a revenue of Rs. 1.56 Bn and a Gross Profit of Rs. 222 Mn, with the export operation stabilizing and the IT business making gradual progress.
‘Furthermore, the Leisure Sector demonstrated robust performance with a revenue of Rs. 750 Mn, a Gross Profit of Rs. 672 Mn, and a Profit After Tax of Rs. 253 Mn. The consistent performance was led by the core corporate travel business while the inbound and leisure portfolios showed positive momentum.
‘While the US market continued to be the key driver of business for EFL Global, European, and Asian trade lanes also performed to satisfaction. The company expanded its service capabilities in both origin and destination markets.’