Performance in the quarter has driven the Consolidated Net Profit of the group towards Rs. 760 million for the Nine months ended 31st December 2014.
In terms of the core business operations of the organization, Expolanka recorded an underlying profit growth of 24.5% (YOY) during the 3rd quarter excluding the Extraordinary Income related to the restructure activities of the organization.
Commenting on the results Hanif Yusoof, CEO/Director Expolanka Holdings said, “The key drivers behind the positive shift are our strategic planning, efforts on business growth and focus on operational efficiencies.”
The Travel and Leisure sector continued to show positive signs during the quarter and have ended the Nine Months recording a year to date revenue of Rs 2 billion and achieving a 105% growth in Net Profit (YOY).
Expolanka’ s ticketing and outbound travel operations continued to perform well maintaining its market leadership position, whilst the in-bound operations has been able to gradually turn around its performance during the year following the restructure of its business operations and processes.
The International Trading and Manufacturing sector recorded a year to date revenue of Rs.7 billion whilst posting a net profit increase of 3% (YOY)
The Group’s perishable exports business maintained its healthy growth from the previous quarter with a turnaround profit growth in the Fresh and Desiccated coconut exports.
Mr Yusoof added, “The continued restructuring of the sector resulted with the divestment of tea, healthcare and food catering businesses during November 2014.
Given the high risk exposure and the volatile nature of returns in the divested businesses, we expect these strategic changes to boost sector performance.”
In conclusion he added, “In future we plan to further consolidate the performance of the group and continue with efforts aimed towards driving business growth and further enhancing operational efficiencies.
These efforts will be augmented by our continued emphasis on our various restructure projects, working capital optimization and cost rationalization activities.”